July 2023
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This conference examined the future for conduct and culture regulation in the UK’s financial services.
It was an opportunity for key stakeholders and policymakers to discuss:
- the FCA’s new Consumer Duty, impacting products and services across the sector, coming into force on 31st July
- the PRA and FCA’s newly announced review of the scope and proportionality of the Senior Managers and Certification Regime (SM&CR)
- publication of the FCA’s Business Plan 2023/24, aimed at improving outcomes for consumers and markets
We are pleased to have been able to include keynote sessions with Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, FCA; Dr Roger Miles, Co-Founder, Culture and Conduct Academy, UK Finance; and Julie Ampadu, Director and Chair, Association of Professional Compliance Consultants; and Co-Chair, Trade Association Cyber Information Group, FCA.
Delegates discussed challenges for compliance such as defining, measuring, and evidencing positive culture, as well as how the regulatory framework, and businesses leadership and practice can be utilised to bring about sustained positive change.
It was an opportunity to assess how the sector can develop stronger risk controls and approaches for enabling better auditing to minimise risks to consumers.
Delegates also considered priorities for the future regulation of non-financial misconduct, including the potential impact of the SM&CR review in areas such as character assessment. They also discussed next steps for addressing workplace misconduct through regulatory action, and how regulators can provide greater clarity in these areas.
Further sessions discussed how the continuing work on the Future Regulatory Framework and proposed Edinburgh Reforms, aimed at boosting the growth and competitiveness of the UK’s finance sector, will impact the regulation of governance and culture.
Overall, areas for discussion included:
- regulation and culture:
- the role of regulation in driving cultural change and priorities moving forward - defining and measuring positive culture - support that may be needed for compliance
- expanded use of data to inform reporting and customer understanding - priorities for innovation in the ways data informs conduct
- assessing the impact of the FCA’s new Consumer Duty on the regulation of the finance sector
- behavioural risk:
- strengths and weaknesses of risk management in the sector - building strong predictive risk controls
- innovation in internal auditing - expanding value criteria - minimising consumer risks - developing capacity for smaller firms
- non-financial misconduct:
- preventative measures for harassment and bullying, and regulator responses - protecting whistle-blowers
- exploring key areas of company culture where transparency can be developed
- building inclusive cultures into management structures - assessing the impact of diversity and inclusion on conduct
- the reform landscape:
- the Edinburgh Reforms on governance and conduct regulation post-Brexit, including the upcoming SM&CR review
- balancing effective conduct regulation with a pro-innovation approach to regulation - culture regulation and the UK’s international competitiveness
The conference was an opportunity for the stakeholders to consider the issues alongside key policy officials who attended from the Department for the Economy, NI; DSIT; FCDO; HMRC; and the NAO - as well as parliamentary pass-holders from The House of Lords.
