The Financial Conduct Authority (FCA) is looking to promote a purposeful culture in the workplace, explaining that this will lead to better outcomes for customers, investors and markets.
The FCA describes purpose as what the firm is trying to achieve and the motivation for attracting talent.
Transforming culture in financial services is a priority for the FCA. It expects firms to embed healthy cultures, as this will “lead to better outcomes for consumers, investors and markets”, it said.
In a collection of essays published by the FCA, it discusses how healthy cultures are good for businesses and their employees. For example, one paper explains how purpose is at the heart of profitability as it builds confidence, influences culture and creates an inclusive environment.
Jonathan Davidson, FCA executive director of supervision, said: “The purpose of a firm sits at the heart of its business model, strategy and culture and should lead to better outcomes for consumers, investors and markets.
“Cultural transformation takes time and consistency, but small changes can make a big difference.”