Context
Sheldon Mills, the FCA’s Executive Director for Consumers and Competition delivered his speech at the Investment Association on 22nd September 2021.
Key points to note
- Culture remains central to how the FCA supervises the firms it regulates. The importance of an authentic, embedded purpose, visible leadership and an inclusive environment where staff feel safe to speak up is paramount.
- The FCA believes that firms with healthy cultures are less prone to misconduct.
- Hybrid working brings opportunities and challenges. Firms need to find approaches that give due regard to safeguarding their purpose and values, the wellbeing of staff and effective oversight.
- During the pandemic, the FCA has seen leaders engaging more directly and openly with people in their businesses. This is an important gain that should not be lost. But it will need thought and care to keep it in a hybrid workplace. This is even more important when thinking about a workplace where people can speak up and feel included.
- Diversity and Inclusion is an aspect of culture where the investment management sector has considerable ground to make up.
Next actions
None – for information and awareness