LIIBA Comments on FCA Report Looking at Working Culture

A little bit more comment on the FCA report looking at non-financial misconduct;

Chris Croft, CEO of LIIBA (London & International Insurance Brokers’ Association) commented on the FCA non-financial misconduct report:

“LIIBA welcomes the FCA publishing these survey results and its continued focus on firm culture.  We will study the results and look at ways in which they can help us further support our members in this area. The FCA rightly recognises that some issues pose different challenges for smaller firms and, with 80% of our membership employing fewer than 50 staff, this part of our community will be a key focus of our work.  We look forward to working closely with the FCA to ensure our ongoing programme delivers the right outcomes for our members and their clients.”

“The survey is a valuable addition to the toolset available to firms to address the crucial issue of non-financial misconduct.  In particular, as the FCA says, it is an opportunity to benchmark where they stand relative to their peers and focus on specific areas for improvement.  Positive cultures deliver good business outcomes and we want to help our members achieve that.”

“Our work to support intermediary firms in building out better misconduct and culture programmes – many intermediaries are smaller and have shallower HR resources than wholesale banks and insurers, so we see a role for Liiba in this space – has already included hosting events for HR teams to help them understand how best to handle Non-Financial Misconduct.  We are now likely to repeat this programme and the FCA report gives direction on specific areas of focus for this work.  Our work supporting intermediaries in diversity and culture issues has been award-winning this year; and we will continue to push for positive change across the market.”