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04/02/21
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Where does culture come into it?
The FCA has made it clear that culture is at the heart of SMCR. The new conduct rules affect everyone across your organisation, at all levels, and are designed as guidelines for how your staff conduct themselves on a day-to-day basis.
What’s more, SMCR will form a key part of the regulator’s supervision, acting as a framework for measuring a firm’s true culture and the impact - positive or negative - on customer outcomes. So, while you may have ticked all the SMCR implementation boxes for now, a culture that isn’t properly aligned with SMCR will soon cause problems for you further down the line.
“Ultimately, one of the easiest ways to make sure you stay compliant in the long run is to foster a healthy, open culture.
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Discover our mini-series
We've written a collection of articles that discuss the connection between SMCR and culture and explore the importance of your employee experience – from staff wellbeing to recruitment processes.
Connecting to culture
If culture drives conduct, and conduct drives compliance, then it only makes sense to focus your efforts there. Not convinced? We take a look at the link between SMCR and culture, and where you should be focusing your budget.
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Commercial success
Happy staff are more motivated to look after your customers and do the right thing. So, not only will a healthy and open culture go down favourably at the regulator, but you’ll also bring about good outcomes for your customers and reap the commercial benefits as a result.
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Generating a healthy culture
What do your recruitment processes and remuneration policies have to do with SMCR compliance? Well, quite a lot actually. A well-designed employee experience can make all the difference to your culture, helping you to nail compliance and reach your commercial goals.
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