FCA has published a Discussion Paper on how to drive purposeful cultures. The paper comprises a number of essays looking at how a good purposeful culture should lead to better outcomes for consumers, markets and employees. The papers look at the questions of
- why purpose?
- what gets in the way? and
- how can we make good business good for business.
FCA’s hope is that the papers will provide inspiration to firms to embed ideas in their organisations. FCA comments that it does not prescribe what a firm’s individual purpose should be, but notes elements common to any healthy culture of:
- a meaningful purpose
- an inclusive environment where it is safe to speak up
- effective leadership and governance and
- employees who have the necessary capabilities and are motivated by appropriate incentives.
FCA is not asking for formal feedback on the paper, which it hopes will encourage discussion.