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UK regulator calls on financial services to transform culture

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.