On 5th March, the FCA published its first discussion paper of 2020, entitled ‘Transforming culture in financial services – driving purposeful cultures’ (‘DP20/1’). The FCA’s posturing in the area is important – the regulator has oversight over a large and diverse population of financial services firms, with its reach set to be extended further from December 2020 when the SMCR is expanded to cover benchmark administrators and appointed representatives. Despite this expansive regulatory ambit, some common ground over what constitutes healthy cultures is emerging. Read more