Cultural change: What regulators expect from financial services firms on D&I

Link with Consumer Duty

Peter Haines, director of GRC training at CCL Academy, takes a closer look at the outcomes regulators want to achieve with their recent D&I consultation for financial services firms and implementation challenges.

Diversity and inclusion (D&I) continues to be an important topic within our society, and it is not any different for financial services regulators. Within the financial services industry, women are materially underrepresented at board and senior management level. 90% of senior roles in financial services are held by people from higher socio-economic backgrounds. People from minority ethnic backgrounds are less likely to have basic financial products such as private pensions and savings accounts. Disabled applicants for basic bank accounts are twice as likely to be turned down. ...