As 2014 draws to a close, financial policy and regulatory debates continue to reverberate on the discussion of whether the public will ever have faith in the banking system. The six years following the onset of the crisis have strikingly demonstrated that seeking to reform the behavioural issues prevalent in banks is a long, multifaceted process - one that, ultimately, requires perseverance.

Reform, although certainly rewarding, does present its challenges. We seek a world of openness and transparency, yet encounter veils of secrecy. We seek to galvanize change, yet encounter the bureaucratic reality of doing so. Over time we move with the ebb and flow of policy making and regulation, optimistically hoping that eventually our voices can be heard. The inspiration for this paper came from a reflection on the purpose of my conduct costs research. The importance of institutionalised conduct costs disclosure by each bank (from shareholder and stakeholder viewpoints) is well chronicled and will not be rehearsed here - rather, the present focus rests on why it is important to add up the total conduct costs for all major banks.  

Why it's important to add up the total conduct costs for all major banks, by Calvin Benedict