Regulators Boost Diversity and Inclusion In Financial Services

Nick Goddard

UK Financial services regulators propose measures to boost diversity and inclusion in the financial sector.

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;

“increased diversity and inclusion in regulated financial services firms can deliver better internal governance, decision making and risk management”.


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;


 “Each firm is different, and they need to come up with their own solutions. Most of these requirements, including setting targets, regulatory reporting, and disclosure, would only apply only to the largest firms”.


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.


How can ABSTRACT help your firm with your plans and solutions?


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:


  1. Boost their equality, diversity, and inclusion development.
  2. Transform cultural development and sustainability through business transformation.
  3. Improve the cultural competence of their managers and leaders, creating an environment of conscious inclusion, enhanced participation and active allyship.
  4. Develop inclusive leaders and managers who are strong and considerate and who inspire, motivate, and demonstrate the right behaviours to drive their team’s performance and results in a modern, diverse, and inclusive workplace.
  5. Unlock talent by delivering career management development and expert coaching, giving their people the tools, ambition, and inspiration to accelerate their careers.


Get in touch with us for more details of how ABSTRACT can help with your plans.

 

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