Financial services industry bodies call for greater clarity on FCA D&I proposals

Poor progress in removing gender pay gap

Financial services industry bodies have welcomed the diversity and inclusion proposals introduced by the UK’s financial regulators, but raised questions about how some of the requirements may work in practice.

In September, the Financial Conduct Authority and Prudential Regulation Authority unveiled a consultation paper setting out proposals to boost D&I, noting the diversity standards will be "flexible" and "proportionate", with greater requirements placed on larger companies. These will include the development of a D&I strategy setting out how companies will achieve their objectives and goals; the collection, reporting and disclosure of data against certain characteristics; and the setting of targets to address underrepresentation. In a Treasury Committee hearing on Wednesday (15 November...