Question 1 The values of ethics and integrity are essential elements of any compliance framework and embedding these within the framework can have a significant positive impact upon the culture of the firm. The embedding of such values and their manifestation within the firm also affects its relationship with its regulator. Consider the views expressed in the above statement and discuss them in the context of their relevance for the firm's long-term success and its relationship with its regulator(s), supporting your views with appropriate examples. (25 marks)