UK: FCA discussion paper - transforming culture in financial services

The Financial Conduct Authority has published a discussion paper titled Transforming culture in financial services: see here (pdf). To call it a discussion paper is, perhaps, misleading: the paper is, in fact, a diverse range of essays on the topic of culture.

Jonathan Davidson, the FCA's Director of Supervision (Retail and Authorisations), begins the paper foreword: "Culture in financial services is widely accepted as a key root cause of the major conduct failings that have occurred within the industry in recent history, causing harm to both consumers and markets".