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With U.K. Banks Hit by Scandal, Regulator Demands Ethics Change

  • Financial Conduct Authority issues bank culture report
  • FCA CEO seeks to address diversity and gender-pay gap
U.K. Insider-Trading Investigations Set Record as FCA Cleans Up

Photographer: Chris Ratcliffe/Bloomberg

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With British banks mired in scandal a decade after the financial crisis, the country’s markets regulator started a new chapter in the debate over corporate culture, moving beyond financial misconduct and focusing on how bankers act outside the boardroom.

The Financial Conduct Authority on Monday used essays to propose that executives had a responsibility to develop a culture based on ethics, rather than a tick-box compliance mentality. The regulator said it wants to "ask the provocative questions, encourage discussion, strengthen current consensus, and speed up the pace of change for cultural transformation in financial services."