In a recent speech, the UK Financial Conduct Authority's (FCA) chief executive Nikhil Rathi discussed aims to become a more "forward-looking, proactive regulator,” saying that the agency must be more innovative, assertive, and adaptive."With our role more critical than ever, our remit bigger than ever, and scrutiny of our performance closer than ever, the FCA needs to get on the front foot," he said. "To become more proactive, we must become even more innovative to fully capitalise on data and technology; even more assertive to ensure consumer protection and market integrity; and even more adaptive to meet the challenges we know about and prepare for those that will come."The FCA's efforts to reform its organizational culture come as it has been accused by the Treasury Committee of the UK Parliament of setting standards for firm culture and accountability for the firms it oversees that the agency itself does not uphold adequately. The FCA is not alone in facing greater scrutiny. Regulators globally are being held to account for perceived missteps by both the public and the government in the past year.
If regulators are to be able to effectively fulfill their mandate, they must attend to the culture of their own organizations, with a view to what performance such drives, just as they have been arguing to the firms they supervise.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion