FCA proposes new diversity and misconduct rules | Consensus HR – Herts, Beds
The Financial Conduct Authority (FCA) and Prudential Regulation Authority have set out proposals to boost diversity and inclusion across the financial services industry. The rules would require large banks and insurers to report diversity and inclusion data to regulators and set new targets to address under-representation. In a consultation paper, the bodies say firms would have to develop a diversity and inclusion strategy setting out how they will meet their objectives and goals. They would also be expected to collect, report and disclose data on characteristics such as disability and ethnicity of staff, while factors such as socio-economic background and gender identity may also be logged. Bank of England deputy governor Sam Woods said: “The proposals set flexible, proportionate minimum standards to raise the bar, placing more requirements on larger firms.” Nikhil Rathi, chief executive at the FCA, said: “UK financial services has long been a magnet for best-in-class talent globally. Increasing levels of diversity within firms can help attract and unlock talent, supporting the sector’s international competitiveness.”
Our HR Comment – FCA proposes new diversity and misconduct rules | Consensus HR – Herts, Beds
Matthew P Chilcott, FCIPD, ACEL, Owner of Consensus HR comments: “This is a great proposal to hear to hear from some great financial institutions but is something we believe at Consensus HR that all companies should have to do as everybody should be treated equally. The Equality Act – October 2010 is the law when it comes to equality and diversity in the workplace and all companies regardless of sector or size MUST adhere to this. At Consensus HR we ensure all our clients have best practice, legal and user-friendly tools to ensure all the team are treated equally and the opportunity to call / email us at any time should advice be needed.”
Here are a few of our previous blogs written on the subject:
- Home office plans to impose strict vetting on diversity training courses | Consensus HR – Herts, Beds
- Embracing Neurodiversity Celebration Week
- How to Develop an Effective Diversity and Inclusion Program
- Regulator moves diversity reporting rules forward
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