UK regulators want to boost diversity and inclusion in the financial services sector by requiring firms to set targets and making clear that a banker’s private behavior can be relevant to determining their suitability to work in the industry.
The Prudential Regulation Authority and FCA — the City of London’s twin regulators — are seeking views from the industry until Dec. 18, and plan to publish their final rules next year.
Under the proposed rules, an investment firm with 400 employees would also have to:
–Maintain an effective D&I strategy
–Set appropriate diversity targets
–Collect demographic and inclusion data from staff, reporting this to the regulator and disclosing it on an aggregate basis
–Recognize a lack of D&I as a non-financial risk
‘Enforcement 40’ for 2020
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