Professor Niamh Hardiman:

That is a real problem and part of what I am flagging. We have a much tougher financial regulatory apparatus and regime now, but we can never be complacent about how well institutions, rules and laws are operating because there is no way of controlling the myriad ways around the rules, including informal social interactions. What is every bit as important is cultivating a changed insight into and an understanding of how institutions ought to behave. Institutions are not just, as I have said before, formal apparatuses; they are also underpinned by ethics, an ethos, norms, values and ideas, including the ideas people carry around in their heads about appropriate behaviour.