Culture, diversity and inclusion

This overview is a guide to the Lexis+® UK Financial Services content within the Culture, diversity and inclusion subtopic, with links to appropriate materials.

Overview

The regulators consider that culture is both a major driver and potential mitigant of risk. The primary aim of the Senior Managers and Certification Regime (SM&CR) is to drive cultural change in the financial services industry through individual accountability. One of the primary objectives of the FCA and PRA’s September 2023 proposals on diversity and inclusion (D&I) is to achieve healthy cultures. The D&I proposals are part of the FCA’s and PRA’s wider focus on Environmental and Social Governance (ESG) within the financial services industry.

Culture

Embedding healthy cultures is a key supervisory priority. The regulators’ focus on culture and the role of the SM&CR in improving culture in financial services is addressed in Practice Note: Culture in financial services firms—essentials. This examines, in turn, the FCA’s so-called ‘cultural levers,’ which the FCA suggests can be used

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