This overview is a guide to the Lexis+® UK Financial Services content within the Culture and social governance subtopic, with links to appropriate materials.
The UK financial services regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), view culture as both a key driver and a potential mitigant of risks to market integrity and consumer protection. The Senior Managers and Certification Regime (SM&CR) was introduced with the primary aim of driving cultural change in the financial services industry by promoting individual accountability. Since its implementation, the regulatory approach to fostering healthy cultures and positive social governance has evolved to include the recognition of non-financial misconduct (NFM) as a regulatory risk.
Embedding healthy cultures remains a core supervisory priority, with cultural failings frequently leading to FCA enforcement action.
The Practice Note: FCA supervisory and enforcement focus on culture examines the FCA’s articulation of what constitutes a healthy culture and outlines the core cultural drivers that firms are expected to assess and manage. It also details the FCA’s ‘cultural levers’, which supervisors use to evaluate firms’ cultures. The Practice
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Template for regulatory references given by SMCR firms and disclosure requirements[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of
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