The FCA has published an event summary describing output from a conference it held in March on Transforming Culture. Following the conference, and the publication of its Discussion Paper on Transforming Culture in Financial Services, the FCA has identified four key thematic lines of enquiry around which to focus ongoing engagement with the financial services community:
- Psychological safety over fear: What role does psychological safety play in promoting healthy and inclusive cultures? How can this be promoted most effectively?
- Remuneration and incentives: What implicit behaviours are being driven by bonus cultures? Are there better approaches to compensation? What non-financial incentives can be used to motivate performance?
- Leadership and management capabilities: What is needed to support leaders, including middle management, to cultivate healthy cultures? How can these skills be better recognised as a management discipline?
- Assessing culture: What does effective assessment or measurement of cultural indicators look like within firms? How should measurement be used?
The FCA invites thought leaders in the financial services community who are interested in developing these questions to contact them: cultureandgovernance@fca.org.uk