FCA's Bailey: We do care about culture in financial services firms

More progress needed on Senior Managers Regime

Andrew Bailey, CEO of the Financial Conduct Authority (FCA), has said getting culture right in the sector "matters a great deal", as he acknowledged there is still more to do to ensure the Senior Managers Regime works effectively.

Writing in The Guardian, Bailey said the regulator came under fire after it was reported it was dropping its review into banking culture. "This led to a number of commentators saying the FCA doesn't care about culture in financial services," he wrote. "I have been chief executive of the FCA for three months and I can tell you that nothing could be further from the truth. Culture matters a great deal." He said senior management needs to embed this culture from the top, and the CEO provided an update six months on from the introduction of the Senior Managers Regime, which "places res...