Tolerance of misconduct within financial services businesses would be a "clear example of a driver of unhealthy culture", Nausicaa Delfas told delegates at the Women in Finance Summit 2019.
In her speech, Delfas (pictured) said non-financial misconduct - serious personal misbehaviour, bullying, sexual discrimination or misconduct - had been an emerging theme over the last year or so.
The executive director of international at the Financial Conduct Authority (FCA) told delegates at the conference: "In our view, tolerance of this sort of misconduct would be a clear example of a driver of unhealthy culture. This area clearly requires management attention and a broader change in the firms' mindset."
She argued that this type of serious misbehaviour was toxic to a working environment and could lead to bad outcomes for customers, staff, stakeholders and the firm itself.
"We expect firms to foster healthy cultures where staff are committed to preventing harm to consumers and markets, where the best talent is retained and where the best risk decisions are taken," she added.
Delfas also said the FCA had embedded within its leadership teams the use of data and a dashboard on diversity and inclusion to measure what is happening. By 2020, the regulator has rageted 45% of its senior leadership team identifying as female and 8% identifying as BAME.
"We are making progress, but there is further to go," Delfas added. "We need to think carefully about how to deliver change in our organisations, taking account of how society and the work is changing."
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