Good Culture considers the mechanisms which could be used to improve business behaviour in the UK’s financial services sector.
Short-termism, poor risk management and a lack of strong corporate governance have all been identified as sources of the financial crisis. Yet more than five years after the crash these issues continue to cause concern about the stability of the UK’s economic recovery.
The financial sector’s scandals are not isolated incidents but examples of a systemic problem. Regulation can only go so far to stamp out bad behaviours and a change of corporate culture is sorely needed if the financial services sector is to become a blessing not a burden for the UK economy.
Based on a specially-commissioned consumer survey and interviews with financial services firms, Good Culture considers the mechanisms which could be used to improve business behaviour in the UK’s financial services sector. This report examines how competition, stronger corporate governance and more diverse ownership structures could help develop a better business culture, providing the financial services industry with the resilience and security needed to support the rest of the economy.