Tim Sargisson: It's all about trust, stupid - Part 3

'Culture is dictated from the top'

clock • 3 min read

In the third installment of Tim Sargisson's trust-focused columns, the Sandringham chief discusses how the incoming Senior Managers & Certification Regime should move the culture of financial advice firms in the right direction

The FCA's recent £31m fine of Standard Life appears to further support the demise of an industry-wide culture centred on product sales, as well as reinforcing the need to focus on delivering customer outcomes as being the main driver behind commercial success. For those of you who missed it, the fine is due to significant regulatory failures at Standard Life relating to the non-advised sale of annuities between July 2008 and May 2016. The need to understand the FCA's action in the context of ‘out with the old and in with the new' is important because this fine is about the inability o...

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