A successful business model also relies on having a healthy firm culture. You need staff that are encouraged to be curious and questioning.

Affordability is at the forefront of the FCA's mind and going forward, senior managers will need to ensure that firms take appropriate steps to protect and assess consumers when providing credit.

Jonathan Davidson recently spoke on the accountability of firms in this sector, noting "A successful business model also relies on having a healthy firm culture. You need staff that are encouraged to be curious and questioning. He went on to describe the new Senior Managers and Certification Regime (SMCR) as "the Accountability regime", highlighting the importance the FCA place on the new regime in holding firms accountable and the culture change that they expect to see.

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