“Tone from within” – shining the spotlight for conduct risk identification onto individuals – latest FCA feedback on the 5CQ

The FCA recently published its Industry Feedback for 2019/20 on its 5 Conduct Questions (5CQ) Programme.

Originally launched in 2015, the 5CQ Programme informs the FCA’s strategy for the supervision of wholesale banks’ conduct and culture. The FCA publishes a report on the 5CQ each year.

This year the FCA’s focus was on individuals, and instead of annual conduct meetings (which typically involve top management executives and global heads) it hosted roundtable sessions with individuals at vice president level (or equivalent) – which it refers to as ‘the Engine Room’ – across a number of wholesale banks. Continue reading