FCA, PRA and BoE join forces to tackle regulated firms' lack of diversity

Pilot survey will launch in autumn

Kathleen Gallagher
clock • 2 min read

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BoE) have come together to explore how they can improve diversity and inclusion in the financial services sector.

In a discussion paper the regulators outline several suggestions including regular reporting, linking renumeration to D&I metrics, internal audits, and considering the approach to non-financial misconduct. Nikhil Rathi, chief executive of the FCA, said: "We are concerned that lack of diversity and inclusion within firms can weaken the quality of decision-making. "We look forward to an open discussion on how we should use our powers to further diversity and inclusion within financial services, to the mutual benefit of firms and their customers." To inform the "policy development", t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA ban and £2m fine upheld against 'worst' British Steel adviser

FCA ban and £2m fine upheld against 'worst' British Steel adviser

Upper Tribunal backs regulator's findings in key BSPS misconduct case

Sahar Nazir
clock 19 January 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 19 January 2026 • 1 min read
Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Tom Hegarty shares his views on the FSCS levy and why things need to change...

Tom Hegarty
clock 08 January 2026 • 4 min read