Castlebar native Derville Rowland says culture is now seen by regulators as a key root cause of the major conduct failings in the financial services industry.

Ms Rowland is the Central Bank of Ireland’s Director General Financial Conduct and made the remarks in a speech at GMIT this week.

She says continued misconduct issues in financial firms since the crisis, means the public trust in financial institutions remains very low.

Excluding the €316m paid out by firms in relation to the Tracker Mortgage Examination, firms have been required to return €164m to consumers over the last four years following errors.

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