Regulators rethink D&I targets 'to avoid additional burdens on firms'

FCA and PRA to take different appraoch to diversity and inclusion

Linus Uhlig
clock • 2 min read

Two of the UK’s main regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), have abandoned plans to introduce rules aimed at improving diversity and inclusion (D&I) within regulated firms.

The pair had both consulted in parallel with the industry on proposed rules and expectations that sought to improve D&I at firms that fall under their remits.  The FCA said: "In light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time, the FCA and PRA have no plans to take the work further." WilmerHale counsel Imogen Makin said the regulator's recognition that the existing rules cause a burden on firms was "welcome".  CMS financial services partner Simon Morris argued: "It is welcome news that the PRA and...

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