In a considered joint response, the UK Shareholders Association and ShareSoc, said firmer and faster, transparent action against those who violate the integrity of the FCA standards, rules and guidance is needed. In practically every financial scandal or financial crisis, the FCA seems to have taken far too long to decide whether companies/firms/individuals have a case to answer and too often has concluded that nothing has gone seriously wrong. If this fundamental issue is not addressed, then no amount of debate about duty of care will solve the fundamental problem. Miscreants needs to know that their behaviour will not be tolerated and will be punished. Once this message is clear, sent and delivered, changing the current, failing culture will become much easier.
Our full response is attached. The UK Shareholders Association-ShareSoc response to Duty of Care FCA Paper Response (4)