The U.K. Financial Conduct Authority has called on financial services providers to ensure their corporate culture is healthy for employees and customers.
In a discussion paper on transforming culture in financial services, with views from academics and industry thought leaders, the regulator presented a set of essays on topics like what a good culture might look like, the role of regulation and regulators, how firms might go beyond incentives, and how to improve behavior.
Jonathan Davidson, the FCA executive director of supervision - retail and authorizations, has said culture is widely seen as a root cause of conduct failings at financial firms.
"We want to promote a discussion and consensus on the essential features of a healthy culture and how firms, regulators, employees and customers can help deliver that culture," Davidson said.
