Character, culture and conduct: why good people do bad things in a fear-driven culture.
Read founder of How to Be Good at Work, Corporate Philosopher Roger Steare’s essay, part of The Transforming Culture in Financial Services Discussion Paper. Published this week by the The Financial Conduct Authority (FCA).
“When faced with even a subtle threat to their jobs or their careers, good people can do bad things when faced with the need to comply not only with regulation, but also with what we might call ‘Rule #1: You will make the numbers… Or else.”
“This coercion has not only failed to prevent systemic fraud within financial services, it has also destroyed economic value for shareholders, customers and society…”
The FCA’s discussion paper published in March 2018 presents 28 essays from academics and industry thought leaders and is intended to provide a basis for stimulating further debate on transforming culture in the sector. Read the full paper: Transforming Culture in Financial Services.
“We as a regulator have long gone beyond having the mindset that simply complying with rules is enough…”
Jonathan Davidson, FCA Executive Director of Supervision – Retail and Authorisations