Speech: Realising the benefits of purposeful leadership. Jonathan Davidson, Director of Supervision – Retail and Authorisations at the FCA

Industry News | 02/11/18

1 November 2018: Nottingham, Consumer Credit Trade Association Conference 2018

Key points
• The consumer credit sector has demonstrated a lot of positive change in recent years. Nonetheless, regulatory change will continue as long as we continue to find evidence of considerable harm to consumers.
• Consumer outcomes are driven by the purpose underlying a firm’s business model and culture. A firm with a good purpose will perform a stocktake of all their business activities and product lines and eliminate anything that is not consistent with their purpose, even activities that are profitable.
• Leadership is vital in ensuring a firm’s purpose is the right one and setting the tone for the rest of the organisation. Defining culture is much more than a box-ticking, compliance exercise.