On 23 November 2023, the FCA published a speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, delivered at City and Financial’s Culture and Conduct Forum. The speech focuses on how to “flex” an organisation’s power through culture.

In her speech, Ms Shepperd makes the following comments:

  • As firms look to raise the bar under the Consumer Duty, they need to consider how their own culture can help to drive better outcomes.
  • New, flexible proposals on diversity and inclusion will help firms to drive changes that are ultimately beneficial, but it is important that the purpose of this is understood and that the right policies and procedures are in place to ensure an inclusive culture with the right incentives.
  • Enabling people to contribute, challenge and add value means listening, looking at processes and making changes to ensure people can perform at their best.
  • The FCA has worked to enhance transparency and to monitor outcomes. It is working closely with the Government on metrics and welcomes industry feedback on how it can measure its performance against its secondary objective to promote competitiveness and growth in the medium to long term.

For further updates on regulatory developments in diversity, equality and inclusion please visit our Financial Services DE&I hub.