There was a Straits Times article over the weekend which reported that the reputations of local banks and insurers are recovering, after suffering a dent in mage during the financial crisis. This was the result of a poll surveying 341 people. Personally, I’m not so sure what kind of image they are talking about. “Horror” stories of errant relationship managers or unethical insurance agents are not uncommon, but such incidents do not usually have a wide reach. Even fiascoes that do, like the mini-bond saga, will eventually be forgotten over time. Apart from blatant regulation breaches that get reported in the news, what I feel is not apparent to the general public is the fact that transgressions are being committed on a daily basis and yet are considered legally compliant practices. While everyone knows that financial institutions are of…...