Beyond Compliance

Financial Services Firms are Working Hard at Changing Culture

Financial Institutions

February 29, 2016

Beyond Compliance Globe

The global economy has moved on from the crash of 2008 but the banking and broader financial services industries are still recovering from the shock. As recent events demonstrate there is a sense of fragility.

Regulators and governments are responding to the continuing concerns of politicians, economists and the public and regularly challenging  practices and behaviour within the sector. Firms consequently are investing heavily in actions to drive cultural change, against a challenging economic background.

An example of the regulatory response is the UK’s Senior Managers and Certification Regime (‘SMCR’). One of the strictest personal accountability frameworks in regulated financial services around the world, it will radically change the way in which senior management operates. Business leaders will be watching with interest as its reforms are rolled out across banking, insurance and investment firms in 2016, and extended across all other parts of the UK financial services industry in 2018.

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