The Financial Conduct Authority (FCA) has published a discussion paper on transforming culture in financial services, which presents views from academics and “industry thought leaders”.
The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector, said FCA.
The paper is a set of essays that discuss what a good culture might look like, the role of regulation and regulators, how firms might go beyond incentives, and how to change behaviour for the better.
“Culture may not be easily measurable but it is manageable. So firms can and should take responsibility for ensuring their culture is healthy for both their employees and customers, which can complement and support their business strategy,” said Jonathan Davidson, FCA executive director of supervision- retail and authorisations.
“We as a regulator have long gone beyond having the mindset that simply complying with rules is enough. However we don’t believe a one size fits all culture is the right way to go. So we want to promote a discussion and consensus on the essential features of a healthy culture and how firms, regulators, employees and customers can help deliver that culture.”