On 5 March 2020, the FCA published Discussion Paper 20/1: Transforming culture in financial services – driving purposeful cultures (DP20/1). In DP20/1 the FCA sets out a collection of essays from industry leaders, professional bodies and culture experts which explore the role of purpose in driving a healthy, sustainable culture.
The FCA is not requesting formal feedback on DP20/1. Its aim is to encourage discussion and start a much larger conversation. The FCA will continue to explore the theme of purpose, using these perspectives as a starting point for future work.
On culture generally, we will be holding a practical workshop focussing on the accountability agenda on 1 April 2020. The workshop will involve members of our financial services consultancy and legal teams covering both non-contentious and contentious scenarios from a regulatory and employment law perspective.
Particular focus areas will be:
- SMCR post implementation agenda – what to think about this year;
- Whistleblowing – practical insights from response experience. We will cover areas such as the tensions between regulatory and employment law and when and how to run investigations where issues have been raised; and
- Corporate governance – areas to watch for and what we are seeing across the industry. The issues are relevant across the areas of interest to the regulators, including, for example, board and executive structures, transaction reporting and product distribution. The important point is that this is relevant to both wholesale and retail firms.
Further information on the seminar (including registration) can be found here.