David Murray told an audience in Sydney yesterday that the Financial System Inquiry report is neither finalised nor printed. But he had a warning for bankers as to where he might be headed, noting that trust needs to be rebuilt by the banks.
Fairfax reports this morning that Murray said:
“In the financial services industry, we are clearly going through a post-crisis period where trust has had to be rebuilt. We are in a world now where, in the wake of the crisis, many things are going to continue to happen that keep calling that trust into question.”
Clearly he’s referring to some of the big Libor and FX fixing scandals and the billions of dollars of fines that have been paid by global banks. But closer to home the financial planning scandals are not good for trust.
“There is no doubt in my mind that leaders in this industry are going to have to put human systems first and look carefully at the consequences of those systems if they are going to build that trust,” Murray said.
No doubt there is a warning in his words which suggests a high chance of regulations to help bankers on that road to rebuild that trust.
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