Cultural change in the FCA, PRA & Bank of England: Practising what they preach?

Our report examines how the culture of the financial regulators contributed to the financial crisis. It assesses the actions taken by the UK’s financial regulators to change their culture. It identifies the progress which has been made and the barriers encountered. To gather information we interviewed current and former staff at the regulators together with stakeholders from large and small financial institutions, consumer and SME groups and regulatory experts. The report includes the reactions from staff at the regulators to the cultural change programmes and the perceptions of external stakeholders.