A speech by Greg Tanzer, Commissioner, ob体育, at Thomson Reuters鈥� Third Australian Regulatory Summit (Sydney, Australia), 27 May 2015
...
The subject of my speech today is the importance of culture in improving conduct within the financial industry. But, before I take you through that, I would like to provide some context.
As part of ob体育鈥檚 Strategic Outlook for 2014鈥�15, we said that some of the key risks to our strategic priorities relate to:
- gatekeeper conduct in markets
- gatekeeper conduct in financial services.
We also said that:
- for gatekeepers in markets, conflicts of interest 鈥� which can arise from remuneration structures 鈥� can adversely impact on market integrity and investor outcomes
- for gatekeepers in financial services, weak compliance systems, poor cultures, unsustainable business models and conflicted distribution can result in poor advice, mis-selling and investor loss.
What is culture?
So, what do we mean by culture?