ICAEW have published a report, "Culture and Purpose in Financial Services" stating that we may be heading towards the next financial crisis unless changes are made in the industry. The report says that to avoid a crisis, financial services need to begin to think about generating and sustaining a good culture, rather than just considering how to make money out of products and services.
There are four key practical things mentioned in the report that need to be taken into consideration by the industry:
- Conduct
- Incentives
- Profits
- Purpose
ICAEW believes that if these four aspects continue to be adhered to, financial services will be a safer and more trusted industry.
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