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ARTICLE · 28 SEPTEMBER 2023

FCA Consults On New Diversity And Inclusion Rules

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The Financial Conduct Authority (FCA) has issued CP23/20: Diversity and inclusion in the financial sector which sets out its long-awaited proposals to introduce a new regulatory...

United KingdomFinance and Banking
Tim Lewis
Tim Lewis
Phil Bartram
Phil Bartram
Michael Raymond
Michael Raymond
Danny Riding
Danny Riding
Samuel Brewer
Samuel Brewer
Henriika Hara
Henriika Hara
Nigel Barratt
Nigel Barratt
Katherine Foweather
Katherine Foweather
Natalie Lewis
Natalie Lewis
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The Financial Conduct Authority (FCA) has issued CP23/20: Diversity and inclusion in the financial sector which sets out its long-awaited proposals to introduce a new regulatory framework on Diversity and Inclusion (D&I) in the financial sector.

This follows a Discussion Paper in July 2021 and reflects the FCA's concerns around the impact of groupthink, a lack of diverse perspectives or constructive challenge in firms and a lack of understanding of the diverse needs of customers.

The proposals are relevant for all FCA-authorised firms although the most onerous proposals will only apply to firms with 251 or more employees (other than limited-scope SM&CR firms). We call these the Large Firm Rules. The rules will not be relevant for payment service providers or e-money firms unless they also have an additional Part 4A permission.

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