The word 'culture' appears no less than 50 times in the recent Westminster Treasury Select Committee interim review on the manipulation of LIBOR and the role played by Barclays within it. 'The culture of an organisation is demonstrated by how people behave when no-one is watching. In this case, however, the culture of the Barclays allowed people to do the wrong thing quite openly over a long period, with the attempted manipulation being shouted about across the dealing room floor,' concludes the damning report released in London on 18 August. The report calls into question the ongoing authority of some of the most important figures in British banking and its regulation.  In a major forum, the Centre for Law, Markets and Regulation in association with Allens brought together leading regulators practitioners and academics to discuss the ethical malaise revealed by the LIBOR investigation and the compliance failures at HSBC and Standard Chartered to chart the national and international implications of regulating culture.