Ignorance of the law is no excuse
In their attempts to limit the reputational damage to the banking sector, all parties involved could hardly have done a worse job had they tried, writes Cliff Taylor.
Can you guess who said the following?
''No one can guarantee that scandals and deficiencies in financial services will never recur. But we can safely say that, had the new Regulator and new legislation been in place in the past, the problems we discovered would not have gone unchecked for so long. I doubt that anyone can credibly argue otherwise.
A government minister in the wake of the financial crisis after a new regime had...
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