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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Taking notice of risk culture - the regulator’s approach
Author(s): Ring, Patrick John
Bryce, Cormac
McKinney, Ricky
Webb, Rob
Keywords: risk culture
Final Notice
treating customers fairly
content analysis
Financial Conduct Authority
Issue Date: 15-Mar-2016
Citation: Ring PJ, Bryce C, McKinney R & Webb R (2016) Taking notice of risk culture - the regulator’s approach. Journal of Risk Research, 19 (3), pp. 364-387.
Abstract: Following the financial crisis and a series of mis-selling and ‘rigging’ scandals in the financial services, organisational culture, and particularly the risk culture of organisations, has come to be regarded as a key issue for both financial firms and their regulators This paper considers the extent to which regulatory published notices, ‘Final Notices’ (FNs), relating to breaches of the regulatory Handbook, are able to provide lessons, or pointers, in the development of ‘appropriate’ cultures. By undertaking a qualitative content analysis of all the FNs in 2012, we examine the extent to which FNs draw attention to issues of culture, and to the regulator’s analysis of the drivers of culture published as part of its treating customers fairly (TCF) initiative. The analysis finds that, although not easy to extract, there are important learning points in FNs relating to organisational culture, and in particular to the factors driving behaviours and outcomes that are signs of poor culture. This paper suggests that, whilst it may not be for a regulator to dictate firms’ culture, it could do much more to make use of the content of FNs as a learning tool for firms; particularly in the context of its cultural framework for TCF. This would support the ‘outcomes-based’ approach being espoused by the UK’s regulators.
DOI Link: 10.1080/13669877.2014.983944
Rights: © 2014 The Author(s). Published by Taylor & Francis This is an Open Access article distributed under the terms of the Creative Commons Attribution License (, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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