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09

We must improve business integrity says Financial Reporting Council chair

Open-access content Thursday 22nd September 2016 — updated 5.50pm, Wednesday 29th April 2020

Companies must improve the integrity of their organisational culture before they can win back broad support from society, business leaders were warned this week.

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Sir Win Bischoff, Chairman of the Financial Reporting Council (FRC) told delegates at the regulator's conference: "Rebuilding genuine confidence in business and long-term prosperity demands companies to have a culture that lowers the risk of failure and achieves a wide range of positive outcomes, including serving the needs of wider society.

"The Prime Minister has been outspoken about her government's plan for business reform. In the light of Brexit, restoring trust and building confidence is even more imperative for our prosperity and wellbeing. We need a concerted effort to improve the integrity of business and its connectivity to society. There simply has to be increased focus on company culture. When there is a healthy culture, the systems, procedures, and the overall functioning and mutual support of an organisation exist in harmony. This will lead to enhanced integrity, confidence, long-term success and ultimately trust."

In July the FRC published a report, Corporate Culture and the Role of Boards, that highlighted how stakeholders and society in general have a vested interest in healthy corporate values, attitudes and behaviours that lead to sustainable growth and long term economic success. In it, Sir Win wrote: "A healthy culture both protects and generates value. It is therefore important to have a continuous focus on culture, rather than wait for a crisis. Poor behaviour can be exacerbated when companies come under pressure. A strong culture will endure in times of stress and mitigate the impact. This is essential in dealing effectively with risk and maintaining resilient performance."

•October's issue of The Actuary examines how to analyse and transform organisational culture in an article by Colm Fitzgerald, Jonathan Allenby and Monika Smatralova.

This article appeared in our September 2016 issue of The Actuary .
Click here to view this issue

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Businesses complacent about cyber attacks says Lloyd's  

Many major businesses continue to underestimate the potential impact of a cyber event on their operations, warns a survey of nearly 350 senior European executives by Lloyd’s, the London insurance market organisation.
Wednesday 21st September 2016
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Pensions and lifetime savings my top concerns says FCA chief

Andrew Bailey, new head of the Financial Conduct Authority, has spotlighted the problems posed by pensions and retirement savings, calling it one of the biggest concerns faced by society and the regulator.
Tuesday 20th September 2016
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AA warns Chancellor against new IPT hike

The AA is urging the Chancellor not to raise insurance premium tax in his Autumn Statement in late November, saying it would lead to a spike in uninsured motoring as well as “piling more misery on drivers and householders”.
Monday 26th September 2016
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Record scheme membership can't solve pensions crisis says Hargreaves Lansdown

The record level of UK pension membership revealed this week will not solve the nation’s pensions crisis, claims financial adviser Hargreaves Lansdown.
Tuesday 27th September 2016
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Investors to get more help with saving and investing

Hargreaves Lansdown has welcomed proposals from the Treasury this week aimed at making it simpler and cheaper for consumers to get help, guidance and advice with their savings and investments.
Thursday 29th September 2016
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Board level of ownership of cyber risk increased to 30%

A third (30.3%) of UK large and medium-sized businesses have board-level oversight of cyber risk, up from 19% in 2015, according to a report by Marsh.
Thursday 15th September 2016
Open-access content
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