In a recent speech, the UK Financial Conduct Authority's (FCA) Chief Operating Officer, Emily Shepperd, called for a rethink of culture in financial services. "I think of culture as being the personality, habits and ethos of the organisation", she said, adding that culture, and the management thereof, should be "purposeful," and should highlight "sound controls and good governance."
Shepperd argued that diversity and inclusion are essential for preventing groupthink in organizations, and emphasized that the FCA expects a firm's culture to be characterized by "psychological safety," encouraging individuals to speak up candidly, whether that is to raise concerns or to offer ideas for improvement.
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