The importance of culture to improving conduct within the financial industry

A speech by Greg Tanzer, Commissioner, ASIC, at Thomson Reuters’ Third Australian Regulatory Summit (Sydney, Australia), 27 May 2015

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The subject of my speech today is the importance of culture in improving conduct within the financial industry. But, before I take you through that, I would like to provide some context.

As part of ASIC’s Strategic Outlook for 2014–15, we said that some of the key risks to our strategic priorities relate to:

  • gatekeeper conduct in markets
  • gatekeeper conduct in financial services.

We also said that:

  • for gatekeepers in markets, conflicts of interest – which can arise from remuneration structures – can adversely impact on market integrity and investor outcomes
  • for gatekeepers in financial services, weak compliance systems, poor cultures, unsustainable business models and conflicted distribution can result in poor advice, mis-selling and investor loss.

What is culture?

So, what do we mean by culture?

Read the full speech (PDF 61KB)

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Last updated: 23/03/2016 03:08