The Financial Conduct Authority (FCA) has said it will focus on firms' culture as one of its key priorities in the coming year, as the regulator begins to encroach more on this area.

In a February speech, FCA chief executive Andrew Bailey said the while his organisation did not "pronounce" on culture, it does "take an interest".

“[Our] objectives and rules shape culture and we are very interested in how cultures influence firms. We define culture quite simply as the typical behaviours that characterise a firm. We care about it because it is a key cause of major conduct failings,” he said.