The FCA and PRA propose measures to boost diversity and inclusion in financial services  

Summary:

Financial regulators, FCA and PRA, have proposed measures to boost diversity and inclusion in regulated financial services firms to promote healthy work cultures, reduce groupthink, and unlock talent. The proposals aim to enhance the safety and soundness of firms and improve understanding of diverse consumer needs. Key measures include:

New rules and guidance to address misconduct such as bullying and sexual harassment
Requirements for firms to develop a diversity and inclusion strategy, collect and report data, and set targets to address under-representation
* Flexibility for firms to come up with their own solutions, with most requirements applying only to the largest firms

The proposals aim to increase diversity and inclusion, which can lead to better internal governance, decision making, and risk management, ultimately contributing to the safety and soundness of firms and better outcomes for markets and consumers. The consultation is open until December 18, 2023, and the regulators welcome comments on the proposed approach.