The Financial Conduct Authority (FCA) must provide the industry with examples of good practice, something that has been "missing" from regulatory correspondence to date, according to the Chartered Insurance Institute (CII).
Director Steve Jenkins' comments following the release of a paper earlier this week detailing how the FCA, which will replace the Financial Services Authority (FSA), will operate. Jenkins said he thought the regulator's move from compliance to a more 'hearts and minds' philosophy around conduct was positive and that it would encourage people to join and feel proud of their profession. He added: "A focus on culture and behaviour is good, but alongside this we need to see examples of what ‘good' looks like. This has been missing from correspondence until now. "It won't help to talk a...
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