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Diversity and inclusion in the financial sector - a regulatory priority

Past event
09 September 2021, 12:30 - 13:45 UTC +00:00

Last month the FCA, the PRA and the Bank of England (the “Regulators”) issued a discussion paper “Diversity and Inclusion in the Financial Sector – working together to drive change”.  The discussion paper outlines a clear agenda on promoting D&I in all its forms – not only those characteristics protected under the Equality Act such as race, sex and disability, but other factors contributing to diversity of thought (or “cognitive diversity”) such as varying socio-economic and cultural backgrounds.

Views from across the industry are sought on the discussion paper by 30 September 2021.

D&I is a priority for all in the financial services industry. It is important we all help to shape the conversation.

With this in mind, The Exchange will be hosting a virtual discussion on 9 September to hear your views on some of the key questions posed in the discussion paper. We will then collate the feedback (anonymously) to produce a response to the Regulators.

And don’t worry… you do not have to have read the discussion paper in depth to join the session! We will give context and explain the proposals being discussed, so if you are short of time it’s a great way to get up to speed in this fast moving area and contribute to the discussion.

The discussion paper poses multiple detailed questions. We will however be focusing on areas we believe to be of key relevance to those operating in HR, in particular: 

  • Diversity monitoring, data collection and reporting.
  • How best to achieve diversity at Board level, and the proposal to mandate areas of responsibility for D&I at Board level.     
  • The extent to which Senior Managers should be directly accountable in relation to D&I.
  • The benefits/drawbacks/practicability of setting D&I targets below Board level and what such targets should focus on.
  • The role of non-financial misconduct in F&P assessments.
  • Whether regulators should consider how an appointment would impact on a firm’s diversity as part of the SMF approval process.
  • Proportionality considerations for smaller firms.

This event will be taking place on Microsoft Teams.  Please make sure you save the calendar reminder for the dial in details.

Webinar
  • 09 September