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Capital FailureRebuilding Trust in Financial Services$
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Nicholas Morris and David Vines

Print publication date: 2014

Print ISBN-13: 9780198712220

Published to Oxford Scholarship Online: October 2014

DOI: 10.1093/acprof:oso/9780198712220.001.0001

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Why Trustworthiness Is Important

Why Trustworthiness Is Important

Chapter:
(p.3) 1 Why Trustworthiness Is Important
Source:
Capital Failure
Author(s):

Sue Jaffer

Nicholas Morris

David Vines

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198712220.003.0001

This chapter provides an overview of how it might be possible to rebuild the trustworthiness of the financial services industry. It summarises the main arguments of the book and shows how the various chapters contribute to these. In doing so the chapter considers the problems that arose following deregulation of the financial sector, and argues that it is essential to rebuild the trustworthiness that has been lost. The chapter then examines incentives and motivations: identifying the inability of current remuneration arrangements to secure trustworthy behaviour and describing the adjustments that are needed. It makes a number of proposals for reforming governance, legal and regulatory arrangements. At their heart these proposals seek to harness values and norms to introduce and reinforce ‘other-regarding’ behaviour in the decision-making processes of financial services, firms, and individuals.

Keywords:   financial services, trustworthiness, other-regarding behaviour, governance, regulation, motivations, incentives

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