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Compliance Culture Podcast Episode 1: Why Consumer Duty is a Seismic Shift in Regulation with Keith Richards

1 week ago

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This Episode: Why Consumer Duty is a Seismic Shift in Regulation with Keith Richards

In this episode of the Compliance Culture Podcast, host Lucinda Carney, Chartered Psychologist and CEO of Actus Software, speaks with Keith Richards, Chief Executive Officer of the Consumer Duty Alliance, a respected leader in the financial services sector with over four decades of executive experience, Keith is known for championing ethical standards and consumer-focused practices across the section. Together, they explore what it really means to embed an ethical culture in practice, not just through compliance controls, but through values, behaviour, and leadership.

Keith and Lucinda delve into the human side of compliance, emphasising that it’s about ethical behaviour and empathy, not just following rules. They highlight how ethical leadership builds trust and psychological safety, with leaders’ role-modelling the right behaviours to encourage open, accountable cultures. The conversation also explores how firms embed values into daily operations by aligning HR, compliance, and leadership frameworks, ensuring professional standards are reflected in training, performance, and decision-making.

Key Takeaways

Ethics and empathy should form the foundation of a strong compliance culture, guiding behaviour beyond simply following rules.
The FCA’s Consumer Duty places vulnerability at the heart of delivering good outcomes, recognising it as a shared and ever-changing responsibility across all teams.
Leaders play a crucial role in building trust by consistently role-modelling ethical behaviour and fostering psychological safety within their organisations.
Embedding values into everyday operations, through HR, compliance, and leadership frameworks, helps ensure long-term sustainability and integrity.
Compliance is most effective when it empowers individuals to make sound, ethical decisions, rather than simply enforcing control.

Valuable Resources

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About Actus Software

Actus helps HR and business leaders drive performance and engagement through flexible HR software and expert resources.

🌐 Discover Actus Software: https://actus.co.uk/

Follow Lucinda Carney on LinkedIn for more compliance and leadership insights.

About The Guest, Keith Richards

Keith Richards is the Chief Executive Officer of the Consumer Duty Alliance (CDA), an independent, not-for-profit professional body created by and for the financial services sector. With over 40 years of executive-level experience, Keith is a recognised leader in the industry, known for championing ethical standards and consumer-focused practices. He has held senior roles including CEO of the Personal Finance Society, Chief Membership Officer at the Chartered Insurance Institute, and MD of Tenet Group. Keith also has a strong media presence and is regularly invited to comment on financial services both in the UK and internationally making him an amazing guest for the Compliance Culture Podcast.

Contact Keith

Visit the Consumer Duty Alliance Website: www.consumerduty.org

LinkedIn: https://www.linkedin.com/in/keith-richards-b585477/

About The Host, Lucinda Carney

Lucinda Carney is a Chartered Psychologist, CEO of Actus Software, and host of the award-nominated, chart-topping HR Uprising Podcast. With over 20 years’ experience in organisational development and leadership, Lucinda has worked across a wide range of industries helping HR professionals establish behavioural change and accountability. Her passion for collaboration led her to create the HR Uprising community, empowering HR professionals to ‘rise up’ together. Now, Lucinda brings her expertise into a new space, exploring the human side of compliance through expert conversations with industry leaders and practicing compliance professionals.