Updates from FCA
After originally saying in December 2024 that the rules and policy statements on diversity and inclusion (D&I) in the financial sector would be published in the following year, in March 2025, the FCA and PRA confirmed that they wouldn't be taking their work on D&I in the financial sector any further. This decision was taken in light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at that time.
AREF's response to FCA CP23/20
AREF's responded to FCA CP23/20 Diversity and inclusion in the financial sector – working together to drive change. This response was drafted with the assistance of members of AREF's DEI Taskforce and Public Policy Committee.
Background
The Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA), are consulting on proposals to introduce a new regulatory framework on Diversity and Inclusion (D&I) in the financial sector. On 25 September 2023, the FCA published CP23/20 Diversity and inclusion in the financial sector – working together to drive change. The aim of the FCA's proposed framework is to establish minimum D&I standards and give firms a better understanding of what is expected of them in this area from a regulatory standpoint. It aims also to help ensure greater consistency and transparency across the sector on firms’ approaches to D&I.
The deadline for responses to the consultation were 18 December 2023.
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