View more on these topics

FCA: Firms need ‘drink driving’ cultural shift

The FCA wants to see a cultural shift among financial services firms similar to the change in attitudes towards drink driving, says director of enforcement and financial crime Tracey McDermott.

Speaking at the FCA’s enforcement conference this week, McDermott said drink driving is no longer avoided only through fear of being fined.

She said: “The cultural change we are looking for is perhaps analogous to the shift in attitudes to drink driving between my parents’ generation and my own.

“For my parents and their peers, reluctance to have a drink and get behind the wheel was mainly because they were scared of being caught.

“For my generation, however, drinking and driving was presented as a moral issue. We were forced to focus on the impact it could have on others’ lives.

“So the interesting challenge is how do we move from needing ‘a cop on every corner’ to a world where people more often make the right decision instinctively because they believe that is what is valued by their peers and their firms and because they will be ostracised if they don’t.”

McDermott added repeated failures undermine the reputation of the FCA and show the industry is “some way short of the corner that needs to be turned”.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com