Is there a ‘right’ culture

Aim: To present the views of six essayists on whether there can be a ‘right’ culture in the financial services industry and if so, what factors will contribute to that culture.

Outcomes: At the end of this module the reader will understand:

  • The drivers of behaviour that contribute to an organisation’s culture; and
  • The importance of managing those drivers to ensure good conduct and good customer outcomes.

Abstract: Culture in the financial services industry is accepted as a cause of many conduct failings that have occurred recently in the industry. A healthy culture supports the spirit of regulation in preventing harm to consumers and markets, and can also complement and support business’ financial performance. This series of brief essays are from a Financial Conduct Authority discussion paper, Transforming Culture in Financial Services. This series explores how to define measure and manage culture in the industry, and whether, given the industry’s diversity, there can be a ‘right’ culture in financial services.

(Although the article is set in the UK context, the principles also apply in New Zealand.)