FCA Discussion Paper – Transforming culture in financial services
The Financial Conduct Authority (FCA) has just published its first discussion paper for 2020, entitled, DP20/1: Transforming culture in financial services – Driving purposeful cultures.
This collection of essays is centered around the concept of purpose, the FCA’s Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, comments in his introduction that:
“Purpose is a key reason people come to work. While financial reward clearly plays a role, people also work to achieve individual fulfilment and a sense of personal satisfaction. If organisational purpose resonates with individual purposes, then employees will be more engaged, and teamwork and performance will be stronger.”
From the summary section, the essay’s cover a variety of key areas:
- Social purpose of financial services
- Why and how a focus on purpose is good for business
- Characteristics of purpose that drive firm culture
- Embedding purpose in your organisation
- A call for collective action
- Other perspectives
The FCA makes it very clear that its role as a governing body is not to define the purpose of any firm, as that is for the firm to take responsibility for. There is a suggestion that a firm with a clear purpose will often be a better firm for all its parties.
To read the FCA’s paper in full please visit their website.
Sturgeon Ventures’ Purpose
Our innovative and entrepreneurial approach to corporate finance, wealth management and compliance, means we are nimble enough to move quickly whilst drawing on a wealth of expertise and experience developed over several decades from all our varied origins, with our team drawn from many well-known City institutions. Overall we fuse traditional values with an entrepreneurial culture.
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