LMA Welcomes The FCA Report on Workplace Culture

The latest reaction to the FCA report, which collated a survey looking at workplace culture and non-financial misconduct. Here’s the word;

The LMA welcomes the publication of the FCA’s non-financial misconduct survey.

Sheila Cameron, CEO of the Lloyd’s Market Association, has responded to the report as follows:

“The LMA supports the constructive work of the FCA on its recent culture and non-financial misconduct survey, which is a valuable snapshot of how financial service companies are dealing with critical issues around culture, diversity, equity and inclusion. We will now take time to study the detailed recommendations of the report while we look to support the FCA in continuing to deliver cultural change in our market.”

“This is not the first study we have done in this area. The Lloyd’s market has been gathering this data since 2020, through its annual demographic data collection, as well as its culture survey.  Through our own data we know that in 2024, 84% of those who work in the Lloyd’s market recommend their organisation as a great place to work, while 80% of this same group say there is a positive leadership focus on culture in their organisation (versus 66% of employees in wider financial services). 

We have also seen the volume of people observing poor behaviour in the Lloyd’s market drop by over 10% in the last year alone – a huge marker of how fast cultural change is progressing.” 

“This tells us that cultural evolution and progress is a journey for our industry and not a destination.  We are pleased to work with the FCA on their governance and board oversight initiative, and we look forward to sharing the lessons the Lloyd’s market has learned over the last five years as we continue the journey together to a diverse, equitable and inclusive industry.”