Further to my earlier musing Andrew Bailey, Deputy Governor for prudential regulation and Chief Executive Officer, PRA, has given a speech at the City Week conference focusing on culture in financial services. Mr Bailey discussed the importance of culture to both prudential and conduct financial regulators and the challenges for supervisors when looking at the culture of firms.

Mr Bailey, who takes up the role of CEO at the FCA in July 2016, spoke extensively on the role of regulators when dealing with the question of culture. He went on to share his views on the senior managers and certification regimes, where Mr Bailey remarked that the “notion of personal responsibility … at the level of senior management” is embedded at the “heart” of the regime.

Copies of the speech

and the

Press release are available.