How would you define culture? Many definitions include the words: attitudes, customs, beliefs, goals, values or behaviours, particular to a group of people or a community.
In the context of a firm, culture often gets segmented into different aspects depending on the topic in hand eg ‘customer service culture’, ‘quality culture’, ‘risk culture’, ‘reward culture’, ‘change culture’, ‘empowerment culture’… the list goes on.
If you are a Senior Manager in a bank you now have the added incentive of the Senior Managers Regime (SMR) to make sure your decisions are the best they can be.
In October last year the FCA changed its approach regarding the contentious ‘burden of proof’ but the new criminal offence relating to ‘a decision causing a financial institution to fail’ still became law.
How would you define culture? Many definitions include the words: attitudes, customs, beliefs, goals, values or behaviours, particular to a group of people or a community.
In the context of a firm, culture often gets segmented into different aspects depending on the topic in hand eg ‘customer service culture’, ‘quality culture’, ‘risk culture’, ‘reward culture’, ‘change culture’, ‘empowerment culture’… the list goes on.
If you are a Senior Manager in a bank you now have the added incentive of the Senior Managers Regime (SMR) to make sure your decisions are the best they can be.
In October last year the FCA changed its approach regarding the contentious ‘burden of proof’ but the new criminal offence relating to ‘a decision causing a financial institution to fail’ still became law.
Citi was in the headlines this weekend for taking a stance on the ‘tough new banker accountability rules’. The FT reported that Jim Cowles, Citi’s EMEA chief executive, believes that the Senior Managers Regime should be applied to the individuals that specifically run European or EMEA business functions.
The regulators are committed to creating a culture of accountability within financial services with the implementation of the regimes and accompanying Conduct Rules - now being collectively referred to as the Individual Accountability Regime.
It seems that individual accountability isn’t recognised by all authorities as the United Nations Working Group on Arbitrary Detention (WGAD) deemed that Julian Assange was arbitrarily deprived of his liberty.
Today (31 December 2015), BBC Business News published an article headlined ‘Banking culture inquiry shelved by regulator FCA’ highlighting the comments made by Mark Garnier MP on BBC Radio 4’s Today programme regarding the FCA shelving plans for an inquiry into the culture, pay and behaviour of staff in banking.
