| Link(s): | From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit | FCA |
Context
A speech was delivered by Emily Shepperd at the City and Financial Global’s 8th Annual Culture and Conduct Forum for the Financial Services Industry.
Key points to note
- FCA cares about culture because this drives conduct: The Consumer Duty will encourage firms to analyse their culture and how that affects their conduct.
- Firms should offer the right environment for employees of all backgrounds to feel safe in challenging and speaking out.
- Just 5% of crypto firms who applied to the FCA for registration showed that they understood anti-money laundering rules, but half of those who engaged seriously with the regulator were granted registration.
The speech itself was broken into six sections which addressed:
- Using culture to reverse the image of the financial services industry
- Senior leaders nurturing healthy cultures
- The Consumer Duty focusing minds
- Embedding the right steps from the start
- Fostering innovative culture
- Environmental, social and governance culture
Next actions
None – for information and awareness.