Firms must drive behaviour in order to change culture

In looking at ways to promote an ethically responsible culture, Adamson identified three things, which include: setting the tone from the top; translating this into easily understood business practices; and supporting the right behaviours through performance management, employee development, and reinforcing culture through reward programmes.

The FCA plans to assess culture 'through a range of different measures, such as: how a firm responds to, and deals with, regulatory issues; what customers are actually experiencing when they buy a product or service from front-line staff; how a firm runs its product approval process and the considerations around these; the manner in which decisions are made or escalated; the behaviour of that firm on certain markets; and even the remuneration structures ' ... READ MORE

Released by ICSA - Governance & Compliance - 24 April 2013