![]() ![]() It was a loss-making flop for many years before becoming a classic. In fact, the only positive depiction of a financial services professional I could find was that of George Bailey, the main character in It’s A Wonderful Life. Sadly, as you know, the latter 2 films are actually based on true events and characters. In The Big Short, an eccentric hedge fund manager discovers that the US housing market is based on sub-prime mortgages so he sets up a credit default swap market to allow himself to short the property market.Īll of these programmes and films depict that greed is the underlying motivation of financial services professionals. In the Wolf of Wall Street, the main protagonist is a hedonistic stockbroker in his 20s whose main purpose is to con wealthy clients with a ‘pump and dump’ strategy before he is eventually jailed. Before I came to the City, I thought I was entering a mystical world where Porsches were delivered every February, there was no-expense spared technology, and that if you work hard, success was guaranteed.Įven today, any aspiring banker watching the BBC’s series Industry would be left with the impression that graduates spend more time partying and plotting than working. The world of film and television focuses on the reckless and scandalous trope as – frankly – it makes for more exciting viewing. The culture of financial services organisations is often depicted in binary terms: it is either dull and Jurassic or reckless and scandalous. Just 5% of crypto firms who applied to the FCA for registration showed that they understood anti-money laundering rules but half of those who engaged seriously with us were registered.Firms should offer the right environment for employees of all backgrounds to feel safe in challenging and speaking out.FCA cares about culture because this drives conduct: The Consumer Duty will encourage firms to analyse their culture and how that affects their conduct.Note: This is the published version of the speech which may differ to that delivered. ![]() ![]() Event: City and Financial Global's 8th Annual Culture and Conduct Forum for the Financial Services Industry.Speaker: Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations. ![]()
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