FCA publish collection of essays to further debate on transforming culture in financial services
13 March 2018
On 12 March 2018 the FCA published a collection of 28 essays from academics, industry leaders, international regulators and others, to provide a basis for stimulating further debate on transforming culture in financial services.
Buried within the 110 pages (!) there are some interesting insights but it’s hard to see how the document in of itself will meet the avowed aim of acting “as a springboard to speed up the pace of change… and ultimately drive better outcomes for consumers and markets”.
As consultants we’re often asked to comment on a firm’s culture as part of a governance or broader review. To us it’s pretty clear whether a firm is acting in the best interests of consumers and markets. It is obvious from the way everyone, top to bottom, speaks and acts. The trickier problem is why one firm has “it” and another doesn’t. That there is no easy answer is reflected in the FCA’s decision to publish this set of essays rather than making a definitive statement on the role of regulation in changing culture.
To read the full paper and join the debate click here.