Central banks and regulators across the world should cooperate more in probing and punishing bad behavior at banks, Financial Stability Board Chairman Mark Carney said on Monday.
"We need the fixes to bank conduct but we also need to ensure that, to the maximum extent possible, there is coordination across authorities, both in terms of identifying, investigating and punishing misconduct," Carney told a news conference.
The FSB is the regulatory task force for the Group of 20 economies (G20).
"We are undertaking a series of reforms that change the way markets work which reduce the opportunity of misconduct, but that's not the same as having the right culture codes in order to perceive it. This has risen to the level of financial stability and we need a comprehensive approach to address it," Carney said.
Banks have been fined a total of $6 billion for trying to manipulate interest rate benchmarks. Six lenders are expected to be punished for attempted manipulation of the foreign exchange market this week, sources have told Reuters.
Carney, who is also governor of the Bank of England, said changes to culture at banks are needed to improve conduct.