Such men may be sympathetic about accusations of sexual misconduct in institutions like the Catholic Church, but acknowledging the abuse that took place at many boarding schools not so long ago is another matter.
More than 200 investigators are on the job, "devoting significant resources to investigate and prosecute misconduct by financial institutions in the origination and securitization of mortgages," the agency said in a statement.
It runs education programs and reviews institutions' misconduct investigations, each year posting a dozen or so findings of misconduct, defined as fabrication, falsification, or plagiarism.
The deferred prosecution agreement HSBC signed follows what has become the norm for resolving investigations into misconduct by financial institutions.
David Fisher, senior OFT director for consumer credit, said: "These issues were not deliberate misconduct, but the institutions concerned should have ensured they were complying with the law.
It remains frustrating that cases involving major criminal misconduct by financial institutions most often result in a large fine and a commitment to follow the law, while individuals are not held to account – leaving the impression that, for the banking sector, these settlements have become little more than expensive parking tickets.
The legislation includes a package of measures intended to force senior bankers to take responsibility when things go wrong, allowing bankers to be charged with reckless misconduct if their institutions go bust, and forcing them to erect an "electrified" ringfence between their high-street and investment banking operations.
"You are going to send a message that we don't really care significantly about misconduct within those institutions".
But under the new plans the ministry has dropped a requirement for top bankers to prove they were unaware or had taken action to prevent misconduct at their institutions — known as "reverse burden of proof" — and instead introduce a less onerous "duty of responsibility" on such employees.
A number of studies point to the alarming rise in academic misconduct in educational institutions [ 8- 10].
