Regulators set out plans to improve diversity and inclusion in financial services

The BoE, PRA and FCA have published a discussion paper, setting out policy options to improve diversity and inclusion in financial services. The paper focuses on the importance of data and disclosure in order to enable firms, regulators and other stakeholders to monitor progress.

The policy options include:

• The use of targets for representation;
• Measures to make senior leaders directly accountable for diversity and inclusion in their firms;
• Linking remuneration to diversity and inclusion metrics; and
• The regulators’ approach to considering diversity and inclusion in non-financial misconduct.

The discussion paper is open until 30 September 2021. The feedback and data received will be used to develop detailed proposals, with a joint consultation planned for Q1 2022.