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The Financial Conduct Authority and the Bank of England are introducing Diversity & Inclusion regulations.
On 25 September 2023, they issued consultation papers proposing a new regulatory framework for Diversity and Inclusion in financial services.
I spent the weekend reading through 200+ pages of the proposed framework.
Yes! This is how I unwind on the weekends.
Here is what you need to know...
The financial regulators want to mandate organisations to be more diverse & inclusive.
Why?
→For a more competitive market
→Attraction of broader talent
→ It's the right thing to do
High-level requirements:
→Develop a diversity and inclusion strategy
→Report data against certain characteristics
→Set targets to address underrepresentation
Organisations with permission to carry out regulated activity must comply with the incoming regulations.
Speculative implications of non-compliance:
→Regulatory fines & penalties
→Lack of investor & consumer confidence
→Reputational & credibility damage
Next Steps: The consultation period closes on 18 December 2023. The regulators intend to issue policy statements in 2024, with the rules coming into force 12 months after.
HR, DEI, and Compliance teams must set up working groups ASAP to ensure their organisations are ready to comply with the incoming regulations.
Now, there's no need to panic!
Lucky for you guys, a significant portion of my corporate experience was in compliance, advising on implementing regulatory changes for financial services firms.
So, if you need help complying with flying colours, I am your guy!
I am conducting an in-depth analysis of the consultation papers to submit comprehensive suggestions and feedback to the regulators.
I used to think my technical experience in Finance wouldn't be relevant for running an agency.
Now, my past life(Compliance) and my present life (DEI) are coming together, which is super exciting, to say the least.
Ok, nerd-out done!
I will follow up with more updates in due course.
If you need help assessing how the proposed rules might apply to your firm, please feel free to contact me sadeoye@beyondeducation.uk
In the meantime, you can find out more details on the consultation papers here
PS: I predict more sectors will follow suit. Industry bodies, particularly in the built environment space, have become increasingly vocal about DEI. Interesting times ahead!