Both the FCA and PRA have issued a public consultation, to which you can respond, on the subject of introducing a regulatory framework for reporting of diversity and inclusion in firms (CP23/20). The FCA suggests that “greater levels of diversity and inclusion can improve outcomes for markets and consumers. In particular by helping reduce groupthink, supporting healthy work cultures, improving understanding of and provision for diverse consumer needs and unlocking diverse talent, supporting the competitiveness of the UK’s financial services sector”. But they provide no significant evidence of that.
What they are proposing is an obligation on larger organisations to provide masses of data on the sexual orientation, ethnic status, even religious adherence of employees.
Proposals set out for firms include requirements to:
- Develop a diversity and inclusion strategy setting out how the firm will meet their objectives and goals.
- Collect, report and disclose data against certain characteristics.
- Set targets to address under-representation.
Will there be targets set in due course for the number of bisexual employees? What utter nonsense.
Basically it means a whole mass of new bureaucracy which I personally consider a complete waste of time. The FCA and PRA have more important matters to deal with. Even responding to these consultations I consider a waste of time so I will not do so. But if you have an urge to do so please go here: https://www.fca.org.uk/news/press-releases/fca-and-pra-propose-measures-boost-diversity-and-inclusion-financial-services
Roger Lawson (Twitter https://twitter.com/RogerWLawson )
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