Senior bankers have failed to accept "responsibility" for the financial crisis, and cultural changes are needed to create lasting reforms, the head of the U.K.'s market regulator said Monday.

The Financial Services Authority plans to start judging how well senior executives and boards instill a responsible culture at financial companies, Chief Executive Officer Hector Sants said in an interview. Where companies are found not to have good governance, enforcement actions including bans or fines could result, he said.

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