McDermott: People had forgotten what financial services are for

Financial services firms have for too long valued those who bring in the money above those who build client relationships, Tracey McDermott said. This in turn may have prevented some from challenging unethical practices, she added. "People within the industry had forgotten why financial services firms existed in the first place," McDermott, speaking at the Thompson Reuters Compliance & Risk Summit in London, said. "Rewards flowed to those who were seen to make money not to those who built long-lasting client relationships, so people, naturally, thought that was what institutions va...