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UK FCA's Emily Shepperd Calls for a Rethink of Culture

UK FCA's Emily Shepperd Calls for a Rethink of Culture

by Starling Insights

Starling Insights Editorial Board

Dec 09, 2022

Observations

UK FCA UK Regulatory Trends Culture for Regulators Culture & Conduct Supervision Diversity & Inclusion Psychological Safety ESG Managing Culture & Conduct for Good Governance

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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