The FCA has also published its business plan for 2018-2019. The plan notes that the FCA will need to continue to devote significant resources to Brexit, but it also identifies seven additional areas of focus: where there is the “greatest harm or potential for harm, and where intervention [by the FCA] can have the greatest impact”. These are:

  • Firms’ culture and governance
  • Financial crime (fraud and scams) and anti-money laundering
  • Data security, resilience and outsourcing
  • Innovation, big data, technology and competition
  • Treatment of existing customers
  • Long-term savings, pensions and intergenerational differences
  • High-cost credit

In connection with the first of these (culture and governance of firms) the FCA has collated 28 essays by industry leaders, academics, international regulators and change practitioners considering culture and behaviour in the financial services sector.

There is no proposed consultation on the paper; the FCA’s aim is, instead, to encourage all those with an interest in financial services to review the essays and debate the following issues in the hope of speeding up change in the sector:

  • What a good culture might look like.
  • The role of regulation and regulators.
  • How firms might go beyond incentives.
  • How to change behaviour for the better.