"Very important here is the culture of the firm. We see this as a potential root cause of poor outcomes for both retail consumers and wholesale participants. It is clear to us that culture determines a lot about how a firm meets its regulatory obligations. The FCA will look to firms' boards and other governing bodies to set, put in place and maintain a culture that will bring about good outcomes for their customers."
(Clive Adamson, Director of Supervision, Conduct Business Unit, FSA. Sppech to BBA, 25 January 2012).
The regulator will be looking at how decisions are made, and why particular business practices are in place. They will be judging the reasons behind the business decisions you make.
We can carry out a cultural review of your business, to ensure that you can show the regulator that the decisions you make and the way you do things are based in a sound ethical framework.