The Financial Conduct Authority (FCA) is continuing with the focus its predecessor, the Financial Services Authority (FSA), started - that poor culture within firms leads to poor customer outcomes.
The FCA may have been moved away from their planned thematic review of the culture within banks but they have stated however, that they will continue to work with individual firms across their population on assessing culture and its effect on consumer outcomes.
With this as a backdrop, this course explained the background and development of the regulatory approach to assessing your firm’s culture.
How the course worked:
This course combined input sessions with highly participative syndicate exercises - the latter designed to help attendees view situations through the eyes of a conduct supervisor. Using anonymised real life data, the syndicate exercises enabled attendees to use the tool the FCA uses to assess culture within regulated firms.
Attendees learnt not only the process the FCA uses, but the material the regulator might review in assessing the culture within their firm and potential risk of poor consumer outcomes.
In the process, they learnt how the FCA might choose to assess their firm’s culture and to identify high risk areas.