Andy Sutherland: How can advisers drive cultural change?

A poor culture, or one that is not sufficiently consumer-focused, has been found to be the root cause of many of the significant failings of the past decade. Although no firm has yet been censured for poor culture alone, it can lead to conduct risks going unchecked and unchallenged - eventually culminating in crystallised risks and customer detriment. The two most recent occasional papers from the Financial Conduct Authority (FCA), Incentivising compliance with financial regulation and Behaviour and compliance in organisations, highlight the extent to which the regulator believes culture...