New Financial Summary – The UK regulators’ discussion paper “Diversity and inclusion in the financial sector”
In July 2021, the UK’s Financial Conduct Authority, Prudential Regulation Authority and the Bank of England together published a discussion paper entitled: Diversity and inclusion in the financial sector – working together to drive change.
The discussion paper outlines the regulators’ proposal to set rules and guidance for all regulated firms on D&I issues, and how they could use their regulatory powers to act if firms fail to meet minimum expectations. The paper covers a wide range of proposals that the regulator could implement that would have far-reaching consequences for regulated firms. The purpose of the paper is to engage firms and other stakeholders in a discussion on how the regulators can accelerate the pace of change regarding D&I matters across the financial sector.
In short, the regulators said in the paper: “We expect to see diversity and inclusion become part of how we regulate and part of how the UK financial sector does business.”
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To read the 57-page paper, visit: https://www.fca.org.uk/publication/discussion/dp21-2.pdf