Written on: 5 March 2020

On 5 March 2020, the Financial Conduct Authority (FCA) published Discussion Paper 20/1 ‘Transforming culture in financial services: Driving purposeful cultures’.

The paper is a set of essays which present a range of views from industry leaders, professional bodies and culture experts to help firms embed purposeful cultures. It makes the case for healthy purposeful cultures in firms, leading to good outcomes for their customers, employees and investors. The FCA describes purpose as what a firm and its employees is trying to achieve – the definition of what constitutes success. 

Mark Yallop (FMSB Chair) co-authored with Michael Cole-Fontayn (AFME Chair and FMSB Non-Executive Director) sector-specific essay 2.6 (page 30).

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