ABSTRACT
This chapter explores how the combination of regulatory and criminal investigation and a genuine offer of partnership offer a time-limited but potentially transformative opportunity. It assesses the conceptual coherence of attempts, driven by the UK Government, but with significant support from both the Financial Stability Board (FSB) and the International Monetary Fund (IMF), to create fair and effective' markets informed by the commitment of the sector to the changed demands of inclusive capitalism'. The moral failings of the market have been a defining feature of myriad official inquiries into the Global Financial Crisis. The British Parliamentary Commission on Banking Standards (PCBS) has carried out the most detailed evaluation of ethical deficits and whether these could be addressed by systematically importing norms and mores into the finance profession. The core innovation adopted by national and international regulators is to use competition priorities to reconnect financial institutions to the societies in which they function.
