ARTICLE · 20 JUNE 2013

More On Cultural Change From The FCA

Nabarro LLP

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Clive Adamson, Director of Supervision at the FCA, gave a speech at the UK Professionalism Conference on 19 April 2013 at the CFA Society in London.

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Mr Adamson criticised the FSA's failure to stop firms from viewing customers as somebody from whom to maximise profit, rather than firms selling products with customers' needs and interests in mind. Mr Adamson said that this was exacerbated by a view that disclosure at the point of sale absolves the seller from the real responsibly of ensuring that the product or service represents a good outcome for the customer. He went on to say that this has led to a "tick-box and overly legalistic compliance culture" within firms. Mr Adamson described a firm's culture as being akin to its "DNA".

Mr Adamson said that changing the culture of a firm can be difficult as it tends to be deeply embedded. However he stated that it is possible to identify some key drivers to firm culture, including:

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