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Culture in Financial Services - a regulator's perspective

CII Policy Briefing

Publication date:

06 June 2016

Last updated:

22 September 2017

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.

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.


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