It’s a decade since the financial crisis shattered the trust consumers and businesses placed in financial services firms.
And while the financial services landscape is markedly different from the depths of 2008, rebuilding trust, and keeping hold of it, is an ongoing process that takes time and effort.
The role of culture is under the microscope today like no time before. Commonly defined as the “typical behaviours that characterise a firm” the drive to measure and improve the culture of financial firms looks set to increase, with bodies including the FCA being increasingly clear that themes like culture and even non-financial misconduct are increasingly of interest.
My assessment of recent history is that there has not been a case of a major prudential or conduct failing in a firm which did not have among its root causes a failure of culture as manifested in governance, remuneration, risk management or tone from the top.Andrew Bailey, then Chief Executive, PRA
Run by Smart Money People, financial services review and research company, the Culture in Finance series aims to raise awareness of the importance of culture throughout financial services.
To ultimately help improve customer outcomes, we believe that measuring culture and showcasing best practice is key. We want to reward those firms and individuals who work hard to create good cultures, which ultimately help to rebuild trust in the industry.
With your help we can help shape a better future for the industry.