FCA: Cultural change needed to rebuild trust in financial services

'Despite record fines, increasing investigations and an expanding compliance industry, misconduct remains'

The Financial Conduct Authority (FCA) has urged financial services firms to improve their working culture, in efforts to protect consumers and rebuild trust in the industry.

In a paper entitled Transforming Culture in Financial Services, published on Monday (12 March), the FCA said post-financial crisis regulatory initiatives alone are not enough and firms must create a culture that embraces the "spirit" of regulation. FCA reveals plans to extend Senior Managers Regime to all financial services sectors The regulator said: "Culture in financial services is widely accepted as a key root cause of the major conduct failings that have occurred within the industry in recent history, causing harm to both consumers and markets. "For markets to work and firms t...