05 Mar FCA – Discussion Paper on Driving Purposeful Cultures

We have received the below from the FCA:

The Financial Conduct Authority (FCA) has today published a Discussion Paper on driving purposeful cultures. The paper is a set of essays which present a range of views from industry leaders, professional bodies and culture experts to help firms embed purposeful cultures.

Transforming culture in financial services is an area of focus for the FCA. The FCA describes purpose as what a firm and its employees is trying to achieve – the definition of what constitutes success. While we do not prescribe what a firm’s purpose should be, we see embedding a clear, meaningful purpose, aligned to positive outcomes for shareholders, employees and customers, as an important part of driving healthy cultures in the financial services industry. Firms and industry leaders are encouraged to use the paper as a catalyst for reflection and action. We hope that the paper will inspire leaders in financial services firms to take a step towards creating more purposeful cultures within their organisations.