Identifying your cultural DNA

“A firm’s culture emerges in large part from inputs that are its responsibility,” Financial Conduct Authority chief executive Andrew Bailey told an event in Hong Kong last month. Phil Deeks outlines some steps that financial services firms can take to demonstrate a positive culture through good customer outcomes.

Phil Deeks is technical director at TCC (formerly branded The Consulting Consortium). He has nearly 20 years of experience in risk, regulation, compliance and conduct, including within the group compliance function of a large financial services group, and as a technical specialist within the life insurance and financial advice sector team of the Financial Conduct Authority.

There’s little doubt that since the financial crisis of 2008, consumer trust in the financial services industry has reached significant lows and failed to return to pre-crisis levels. This is due in part to the negative perception of the industry’s role in the crisis, which has been re-enforced by mis-selling scandals and hard-hitting headlines.