As we all know, ill-advised risk taking in the financial sector led the industry to the brink of collapse in recent years. Not only that, but sales schemes driven by inappropriate incentive plans and outlandish short-term objectives caused many consumers to suffer severe financial consequences and lose trust in the entire financial marketplace. It seemed as though the customers, whether individual borrowers or institutional investors, became mere pawns in a chess game played by bankers willing to sacrifice them for a big win. Something was desperately wrong with conduct in the banks, and it needed to change.
