The U.K.’s accountability regime, which aims to improve conduct in the financial industry, is being extended beyond banks and insurers to thousands of other industry firms.
The U.K.’s Financial Conduct Authority (FCA) expanded the application of a set of conduct rules that were originally developed for senior bank personnel to another 47,000 firms. The regime, which aims to ensure industry personnel are being held accountable for their actions, now applies across FCA-regulated firms.
The rules were designed to enhance personal responsibility, establish minimum standards of behaviour and enhance industry professionalism.
“The culture and governance of firms is a priority for us and should be for industry too. We expect firms to embed healthy cultures as this will lead to better outcomes for consumers and markets,” said Jonathan Davidson, executive director of supervision at the FCA.
“It should lead to a healthy and fulfilling environment for employees in which diversity and inclusion is the norm. It should also lead to healthy and sustainable returns for businesses,” he added.