We do care about culture in financial services firms - FCA's Andrew Bailey

More progress needed on Senior Managers Regime

Katrina Lloyd
clock • 1 min read

Andrew Bailey, CEO of the Financial Conduct Authority (FCA), has said getting culture right in the sector "matters a great deal", as he acknowledged there is still more to do to ensure the Senior Managers Regime works effectively.

Writing in The Guardian, Bailey said the regulator came under fire after it was reported it was dropping its review into banking culture. "This led to a number of commentators saying the FCA doesn't care about culture in financial services," he wrote. "I have been chief executive of the FCA for three months and I can tell you that nothing could be further from the truth. Culture matters a great deal." He said senior management needs to embed this culture from the top, and the CEO provided an update six months on from the introduction of the Senior Managers Regime, which "places res...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read