Tracking and improving inclusion in financial services: practical challenges and how to navigate them
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The latest UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals for improving diversity and inclusion in financial services include requiring firms to report on six new inclusion metrics. Firms would need to capture data from employees on an anonymous and voluntary basis and report the results across three levels of the organisation: board, senior leadership, and all employees.
The regulators hope that this reporting will provide consistent, measurable data on speak up culture, approach to employee contributions, and treatment of employees, and help to foster a more inclusive financial services sector. However, there are a number of practical challenges that firms will need to engage with before this data can be delivered. The latest post in our series on the FCA and PRA proposals considers five practical challenges associated with the proposals aimed at tracking and improving inclusion and how best to navigate them.
The next post in this series will consider the proposals relating to the regulation of non-financial misconduct.