Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the contribution of the discussion paper from the FCA published on Monday 12 March 2018 entitled Transforming culture in financing services to addressing the issues raised by failures in the banking and finance sector over the last 10-15 years.

The Government welcomes the Financial Conduct Authority’s recent discussion paper, ‘Transforming Culture in Financial Services’. The Government has not made a formal assessment of this paper. However, Government will continue to engage with the financial regulators and industry to progress this important issue, including to consider the views raised in this paper. The Government has implemented a number of reforms since the financial crisis to improve conduct and encourage a more positive culture in the financial services sector, including through the introduction of the Senior Managers and Certification Regime.