U.K. financial regs pressure firms to step up D&I considerations
By 
Neil Hodge2023-10-11T14:00:00
The U.K.’s financial regulators set out proposals to ensure firms treat nonfinancial misconduct, such as bullying, racist behavior, and sexual harassment, as strictly as other regulatory offenses.
As part of their efforts to boost diversity and inclusion (D&I) in the workplace, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) released a consultation document on Sept. 25 to assert nonfinancial misconduct poses a clear risk to financial firms’ governance and culture, as well as their ability to attract and retain key people.
The regulators believe unhealthy workplaces hamper efforts to improve D&I, reduce groupthink, and unlock talent because people will stay away from or leave the profession. They want firms to consider lack of D&I as a nonfinancial risk.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
-
PremiumSurvey finds gender parity progress in general counsel compensation
Pay among women general counsel outpaced men in 2022 for only the second time since 2018, according to the latest compensation benchmarking report from corporate leadership data provider Equilar.
-
OpinionWomen in Compliance Summit proves value of congregating, allyship
Compliance Week’s inaugural Women in Compliance Summit featured two days dedicated to elevating attendees and addressing some of the unique challenges women face in the profession.
More from Regulatory Policy
-
PremiumQ&A with FINRA’s Greg Ruppert on the organization’s use of Artificial Intelligence
Greg Ruppert, Chief Regulatory Operations Officer at the Financial Industry Regulatory Authority (FINRA), recently shared insights with Compliance Week regarding the self-regulatory organization’s use of Artificial Intelligence in monitoring trends in the market, spotting threats, and keeping its members informed.
-
PremiumEU financial firms must prepare now for new rules on critical third-party arrangements
European banks and financial institutions must prepare now for stringent new rules on third-party suppliers.
-
ArticleTrump tirade against DEI turns to proxy advisors and shareholder proposals
President Donald Trump has directed the Securities and Exchange Commission (SEC) to review—and remove—any SEC rules or guidance that allow proxy advisors to influence business practices related to diversity, equity and inclusion (DEI) and environmental, social and governance (ESG) policies.