UK financial regulators want to boost diversity and inclusion to encourage healthier work place cultures, reduce groupthink and unlock talent. With that in mind, the Financial Conduct Authority (FCA) recently issued guidance to encourage firms to develop clearer diversity and inclusion roadmaps.
The new FCA and Prudential Regulatory Authority (PRA) guidance makes clear the link between workplace culture and the lack of diversity and representation at the highest levels. It calls on firms to develop a clear diversity and inclusion strategy, setting out how they will meet its objectives and goals, as well as collect, report and disclose data regarding certain characteristics. The guidance only applies to the largest firms.
