Professor Philip Lane:

We believe this culture report is important but it is not a report on everything going on. In terms of our daily supervision and work, we are dealing with all sorts of issues all the time. It is just one perspective. In addition to enforcing our rules and regulations, we are saying it would be better if these firms did not create the problems in the first instance. If they had an organisational culture, there would be more consumer focus and fewer headaches, so to speak, arising for us. The intent of the report is not to have a check list of all the problems we are facing and outline the solution. It is stating that, in addition to our daily work of checking that they are obeying the rules, we want to go beyond that by saying if they adopt these cultures, the risk to consumers would decrease because these problems would not emerge with the same frequency.