Andrew Bailey warns of 'hubris risk' in firms' culture

In a speech given at the City Week 2016 Conference in London, Bailey (pictured) said management who were too self-confident and ran their businesses without ever challenging the direction of travel, risked creating bad outcomes. He said culture at firms was, and would remain, of the "utmost importance" to financial regulators as it had a major influence on the outcomes that mattered to them. "My assessment of recent history is that there has not been a case of a major prudential or conduct failing in a firm which did not have among its root causes a failure of culture as manifested in...