Senior managers a risk to firm's TCF bid - FSA

The regulator says through its visits to firms, as well as its own TCF experiences, it has found company leadership lacking in several areas. The FSA has published the criticism as part of a guide – a ‘cultural framework’ - designed to help management ensure their firms meet the TCF requirements. It identifies seven ‘key cultural drivers’ – including leadership, decision making and recruitment - which it believes will “have a significant influence on behaviours of management and staff, and therefore on consumer outcomes”. The FSA says it intends to integrate the culture framework into it...