The Bank of England has published a speech given by Andrew Bailey, currently PRA CEO and FCA CEO-designate, on culture in financial services. In the speech, Mr Bailey stated that both the PRA and the FCA regard firms' cultures as being of the utmost importance to financial services. Points of interest include: (i) the role of regulators should not be to determine firms' cultures but to seek to influence cultures for the better; (ii) the incentives facing a firm will determine its culture and its success in terms of outcomes; (iii) a firm's culture should have the value of not exploiting customers as a given; and (iv) there should be greater clarity from firms in terms of the outcomes that they are seeking from the culture-related changes they make, how progress is assessed and whether there is sufficient consistency across the organisation.