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FCA culture roundtable finds “worrying lack of awareness or depth”

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 the findings and questions that all institutions should consider.

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.

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