Professor Chris Hodges gave a webinar for the Financial Services Institute of Australasia (FINSIA) on The Future of Regulation on 4 June 2020. Against a background of widespread interest in ‘regulating through organisational culture’, and the Australian Royal Commission on Banking’s prescription of increasing deterrence and regulatory litigation, Prof Hodges reviewed the evidence that deterrence is ineffective as a regulatory strategy and the evidence of behavioural science on why people observe or break rules. He suggested that the scientific evidence points towards the effectiveness of an Ethical Business Practice model, and identified some successful examples. However, fundamental change is needed by both commercial and regulatory organisations if a successful approach is to be embedded. He highlighted relevant changes in the purposes of corporations to encompass sustainability of human, social and natural capital, and the need for cooperation in societies and markets post-Covid, that may support the development of holistic ethical culture.