FCA, PRA and BoE join forces to tackle lack of diversity

Pilot survey will launch in autumn

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BoE) have come together to explore how they can improve diversity and inclusion in the financial services sector.

In a discussion paper the regulators outline several suggestions including regular reporting, linking renumeration to D&I metrics, internal audits, and considering the approach to non-financial misconduct. Nikhil Rathi, chief executive of the FCA, said: "We are concerned that lack of diversity and inclusion within firms can weaken the quality of decision-making. "We look forward to an open discussion on how we should use our powers to further diversity and inclusion within financial services, to the mutual benefit of firms and their customers." The power of transparency in creating...