The FCA has published a speech by Andrew Bailey, FCA Chief Executive, on transforming culture in financial services. Mr Bailey highlights the following issues:
- work on firm culture is an important priority for the FCA;
- essays in the FCA’s Discussion Paper on transforming culture in financial services indicate that culture is about encouraging and incentivising good things, not just stopping bad things from happening; and
- the Senior Managers Regime and measures to govern the payment of remuneration are important developments in creating incentives for good culture.