FCA: Cultural change needed to rebuild trust in financial services
'Despite record fines, increasing investigations and an expanding compliance industry, misconduct remains'
SM&CR not "sufficient" on its own
The Financial Conduct Authority (FCA) has urged financial services firms to improve their working culture, in efforts to protect consumers and rebuild trust in the industry.
In a paper entitled Transforming Culture in Financial Services, published on Monday (12 March), the FCA said post-financial crisis regulatory initiatives alone are not enough and firms must create a culture...
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