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Chasing shadows? The FCA and the measurement of ‘culture’

Author

Listed:
  • Pitts, Gary
  • Grourk, Terry

Abstract

Culture is the Financial Conduct Authority’s (FCA’s) key theme. In the acknowledged absence of any specific rule-making powers over culture and the FCA’s desire for firms to be able to demonstrate that they have an appropriate culture conducive to producing the FCA’s desired outcomes, senior management faces a very real practical problem, regardless of how good the firm’s culture is. Demonstrating the existence of a culture that is intangible and monitoring it is a practical problem. This paper examines the regulatory background and how this problem might be effectively overcome.

Suggested Citation

  • Pitts, Gary & Grourk, Terry, 2015. "Chasing shadows? The FCA and the measurement of ‘culture’," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 7(2), pages 128-138, February.
    • Handle: RePEc:aza:jsoc00:y:2015:v:7:i:2:p:128-138
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    More about this item

    Keywords

    FCA; culture; conduct regulation; governance; senior management responsibility; change management; human resources; strategic human resource management;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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