Culture is a necessity for financial services firms, not a 'nice to have'

Real action to rebuild better work environment needed

The FCA has put the importance of fostering a healthy culture at the heart of its agenda for businesses. The regulator wants firms to adopt healthy cultures – characterised by purpose, psychological safety, diversity and inclusion, and underpinned by effective leadership and governance.

Rather than simply viewing work to improve culture as a regulatory hoop to jump through, they want mindsets to shift, so that businesses see its overarching value. While it remains up to each individual firm and its leadership to define its culture, businesses should be clear on the key elements that make up a healthy culture, as well as the risks of underestimating its importance.  People-led improvements Beyond the regulatory expectation, building a healthy culture has a clear business and people case. The importance of the role of culture in continuing to drive the right behaviou...