FCA Diversity and inclusion in the financial sector – working together to drive change
Nick Goddard
The FCA, Prudential Regulation Authority (PRA) and the Bank of England are engaging financial firms and other stakeholders in a discussion on how to accelerate the pace of meaningful change of diversity and inclusion in the sector.
A joint Discussion Paper, published in July 2021, looks at what role they can most usefully play to support this change. The paper says “We recognise that the financial sector has taken steps forward on diversity and inclusion. But there is much more that needs to be done to create truly diverse and inclusive organisations that meet the diverse needs of those we serve.”
Some other key headlines from the Discussion Paper are:
- Diversity and inclusion are critical to the FCA’s work on culture and governance, particularly for boards and senior management.
- Research shows the positive benefits between diversity and inclusion and positive outcomes in risk management, good conduct, healthy working cultures, and innovation.
- There is growing evidence that diversity of thought, when part of an inclusive culture, supports better decision making by firms.
ABSTRACT’s vision is to make the corporate world a fairer and better place through our award-winning learning and development programmes. We work with organisations in the financial sector and other industries who want to take positive, practical action to;
- Encourage diversity of thought and respect.
- Develop inclusive leaders who will lead with cultural intelligence, competence and character, with good judgement and decision-making.
- Develop the careers of those in under-represented groups into leadership positions.
- Build a modern day business fit for today's social objectives through cultural transformation
Our focus at ABSTRACT is on engaging our clients and delegates to aspire and explore beyond their initial aspirations and expectations. We want to help more organisations to seriously invest in the middle to senior tier of business personnel, providing the tools and inspiration for their people to develop their careers.
The FCA are welcoming contributions from all parts of the financial sector by 30 September 2021.
Diversity and inclusion in the financial sector – working together to drive change:
Our programmes: https://www.abstractuk.co.uk/our-programmes
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