Last checked at 
LONDON, Oct 20 (Reuters) - Regulators should not getinvolved in setting the culture of a bank, which should remainthe preserve of individual firms as they try to restore trust,the chairman of Barclays said on Monday.
David Walker, who became chairman of Barclays in November2012 after a string of scandals related to alleged benchmarkrate rigging and mis-selling payment protection insurance, saidthere was "urgent need for proactive initiative by the bankingindustry to turn the tide" after the erosion of trust in bankingconduct.
"Regulators cannot and should not try to regulate culture,which is a matter for the individual entity," Walker said in aspeech given at the New York Federal Reserve.
"This is a journey to which the best support from theregulator is likely to be in the form of high level andrelatively detached encouragement rather than prescriptiverule-making, which is all too likely to be counterproductive,"said Walker, who will step down as Barclays chairman next April.
He set out a series of steps that banks should take totransmit its culture across all its employees, including many hehas implemented at Barclays as he tries to restore the bank'sreputation.
They include a call for banks to set up committees at boardlevel to guide and oversee the executive effort related tobehavioural issues. There should also be "prompt remedial ordisciplinary action in respect of individuals or teams whosebehaviour falls short," he said. (Reporting by Steve Slater; Editing by Greg Mahlich)
