David T Llewellyn is Professor of Money and Banking at Loughborough University and an External Member of Kellogg College at the University of Oxford. He is a member of the Council of Management and former President of SUERF. Until recently he was Chair of the European Banking Authority’s Banking Stakeholder Group and was formerly a Public Interest Director on the Board of the UK’s former retail investment regulatory agency – the Personal Investment Authority. David has also had career posts as economist at Unilever, HM Treasury, and International Monetary Fund and has served as a consultant to financial institutions, international agencies, and regulatory authorities in the UK and abroad. David served as part-time Consultant Economist at ICAP plc for several years. Other positions have included Visiting Professorships at universities in the UK and elsewhere in Europe. David has researched and published extensively in the area of banking strategy, competition in financial systems, and banking and financial regulation. In 2016 he was awarded an honorary doctorate for his contributions to banking regulation.
In this SUERF Policy Brief we consider the role of institutional culture and individual responsibility in banking and the role and focus of regulation. An issue that has not been sufficiently addressed is the extent to which the focus is to be individuals or financial institutions should be the focus of regulation, supervision, accountability, and sanctions when problems emerge as a result of the behaviour of banks or other financial institutions.