Many senior banking executives failed to accept responsibility for the financial crisis and neglected the need to change their behavior, Hector Sants, the chief executive at Britain’s financial industry regulatory body, said Monday.
Mr. Sants said that senior executives should be responsible for creating a company culture that provides a strong ethical framework. He also said they should help avoid excessive risk-taking and other inappropriate behavior that could lead to another financial crisis. The regulator, the Financial Services Authority, plans to intervene when a lender creates a bad corporate culture, he said.
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