More paperwork, less playtime for bankers in Singapore

Singapore

DECIDING where to conduct a banking transaction is no different from selecting a boarding school for an unruly child. Singapore has long been seen as a solid choice. It didn't smother innovation by throwing a thick carpet of rules over everyday commerce, and it didn't believe in punishing shareholders for bankers' misdemeanours. While that second attraction still partly holds, the first is in doubt.

Banks know any management they hire will be naughty at times, and careless - or clueless - more often. Since the financial crisis, all three behaviours have become universally unacceptable. But while money centres like London and New York have dealt with delinquency by levying hefty fines, which end up hurting investors, Singapore's strategy has been to punish the errant wards while sparing the guardians.