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Personal Finance Society
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Culture in Financial Services - a regulator's perspective

CII Policy Briefing

In his last speech as Chief Executive of the PRA given at the City Week 2016 Conference before becoming CEO of the Financial Conduct Authority (FCA) in July, Andrew Bailey explains why organisational culture is of the upmost importance to both prudential and conduct financial regulators.

The speech covered:

  • What is meant by culture in financial services
  • The risks to the good governance of firms, and how these can lead to bad outcomes
  • The role of regulators when dealing with the question of culture in financial services
  • The significance of the new Senior Managers and Certification Regime (SM&CR) in embedding the notion of personal responsibility at the level of senior management
  • How regulators and the regulated can work together to demonstrate the change in financial services culture to the public.


The speech provides an excellent overview of the importance regulators now place not just on the compliance but on the culture of firms.

Pdf icon small View the policy briefing


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