Wrongdoers should be shunned by colleagues, says FCA

Regulatory enforcement should go hand in hand with firms' recognition that wrongdoing is a 'moral issue' Financial Conduct Authority (FCA) enforcement director Tracey McDermott has said.

She said 2014 had been a record year with billions collected in fines and 20 people being banned, but added there is "not an expectation" at the FCA to impose larger or more frequent fines next year. Enforcement is a "vital" tool for the regulator to generate better behaviours across the industry, said McDermott, but the most important element will be to achieve a change in culture so that firms can look back and learn from others' mistakes. Speaking at the FCA's Enforcement Conference, McDermott said the regulator had "seen efforts, including a firm's willingness to own up to their p...