The financial crisis has caused regulators and observers to focus on strategy, capital, governance, and risk management standards, often referred to as prudential standards. However, the pendulum of regulation has historically swung from prudential standards in times of financial crisis to market conduct issues when financial crises abate. There is a danger during times of downturn that compliance controls and processes are viewed as a cost by the business and become an area that is cut back or is lacking in investment. As a consequence, when the regulatory spotlight starts to shift from prudential standards to market conduct, market conduct failures and control breakdowns are often found to have occurred. 2012 is set to see a continued focus on Market Conduct regulation.