Compliance Meets Complacency

"I thought it was a little bit strange for somebody in that position, to be on the board advising them about risk who has no knowledge at all about risk and regulation [...] We were constantly being pushed back and constantly being told that things had to be put in a way that wasn't going to upset the business - basically that wasn't going to stand in the way of the sales culture at the time." 

- Anthony Smith, former manager of regulatory developments and group policy at HBOS, BBC News, 17 Feb 2009