Andrew Bailey, the incoming head of the Financial Conduct Authority, said improving the culture of City firms is a priority and that “hubris” needs to be added to the list of risks firms face. Giving his last speech as a deputy governor of the Bank of England before taking up his role at the FCA, Bailey pointed to the over-confidence of the management at major banks as a cause for the taxpayer bailouts and billion of pounds in fines for misconduct in recent years.
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