Global fintech and funding innovation ecosystem

FCA Speech: Adapting Culture to Meet Changing Societal Norms and Consumer Expectations

FCA | June 26, 2023

Emily Shepperd FCA - FCA Speech:  Adapting Culture to Meet Changing Societal Norms and Consumer Expectations

Speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, delivered online at the Westminster Business Forum

  • In Emily Shepperd's speech she emphasizes the importance of evolving organizational culture to address generational differences and societal norms.
    • She stresses the importance of evolving organizational culture to meet changing societal norms and consumer expectations. This includes fostering an inclusive culture that values diversity of thought and experience, ensuring that regulations align with these changing demands, and moving away from outdated practices that are no longer socially acceptable.
    • She believes that these changes can help to create more resilient, sustainable, and customer-focused organizations.

See:  Culture: Why regulators should care about diversity and inclusion

  • Select quotes and insights:
    • Importance of listening, especially for leaders, to create an environment where people feel comfortable to speak up, share their experiences, and provide meaningful challenge. This fosters diversity of thought and helps to drive better outcomes for firms and their customers.
    • Companies should ask tough questions when assessing the fitness and propriety of staff in financial services. The FCA views culture as crucial for confidence and can dictate bottom lines.
    • As Warren Buffett said: 'It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.'
    • On Culture:
      • Culture remains central to our supervisory model and underpins conduct and therefore business performance and confidence.
      • Culture is not just the slogan on your website. It is the very essence of what your organisation stands for, embodied by how it conducts itself.
    • Increasingly, investors are demanding that they put their money towards 'doing some good’ for people and our planet.
    • On recruitment: A recent study by Workplace Intelligence found that 74 % of millennial and Gen Z employees would quit a job in a year if there were no opportunities for upskilling and development.

Read the full speech --> here


NCFA Jan 2018 resize - FCA Speech:  Adapting Culture to Meet Changing Societal Norms and Consumer ExpectationsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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