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”.