Compliance Monitor
FCA culture roundtable finds “worrying lack of awareness or depth”
A recent Financial Conduct Authority roundtable of experienced staff from 18 wholesale banks on culture revealed there is a considerable amount of work to be undertaken, especially in areas where firms were “unacceptably weak”. Denis O’Connor outlines findings and questions that all institutions should consider.
Denis O’Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.
As part of their industry engagement programme on culture, the FCA convened the latest in a series of annual roundtable meetings;
[1] on this occasion, of ten experienced staff from each of 18 wholesale banks. Typically, these staff members each had about
ten years’ industry experience. The FCA chose this level of staff as they are often seen as being future leaders of their
firms.