In the UK, the FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) are currently consulting on proposals to introduce a new regulatory framework in the financial sector, to boost diversity and inclusion, support healthy work cultures, reduce groupthink, and unlock talent.
The
Press Release by the FCA states;
This work has considered evidence that a lack of appropriate challenge and groupthink on boards has been a shortcoming contributing to serious problems at firms. Research has proven that a diverse team working in an inclusive environment generates the best results, creates the strongest company culture and brand, increasing talent retention and attraction.
Under these proposals, all firms above 250 employees will be required not only to have a policy, as current, but to have ‘firm wide D&I strategies'.
The FCA says;
The regulator continues to challenge leadership and management capability, and the role and capability of leaders in developing and sustaining healthy cultures.
We encourage regulated firms to engage and respond to the FCA Consultation Paper, by the deadline of 18th December 2023.
We also encourage firms to proactively engage with this topic and develop the human skills of your leaders to create modern day workplaces where your people can thrive and to genuinely close the gap between good intent and positive outcomes.
At ABSTRACT we believe that learning and development should support cultural advancement and development to change behaviours and embed cultural change. We deliver this through compelling content that is interesting with practical application. We are here to help.
ABSTRACT work with leading brands, including major financial services organisations.
As a result of our work, we have recently been shortlisted for the 2023 Inclusive Awards in the Consultancy of the Year category.
Our award-winning learning and development programmes help our clients to:
Get in touch with us for more details of how ABSTRACT can help with your plans.
Further Information
FCA: Diversity inclusion in the financial sector working together to drive change.
https://www.fca.org.uk/events/diversity-and-inclusion-financial-sector-working-together-drive-change
FCA: Culture and Governance: leadership capabilities
https://www.fca.org.uk/culture-and-governance/leadership-capabilities
ABSTRACT: Blowing The Whistle on Company Culture
https://www.abstractuk.co.uk/whistleblowing-company-culture
ABSTRACT: Our Programmes
https://www.abstractuk.co.uk/our-programmes#INCLUSIVELEADERSHIP