Diversity & Inclusion in Financial Services

BSA response to FCA CP23/20 and PRA CP23/18

The BSA recognises the many benefits that having more diverse and inclusive firms can have,
both from a business and consumer perspective, and welcome the PRA and FCA consultations
on these important topics. We ourselves are a Living Wage employer, subscribe to the Women
in Finance Charter and are supporters of Progress Together.

While many firms are at different stages in their approach to D&I, it will be helpful for firms to
have a clearer view of regulatory expectations, and also (for smaller firms in particular) what
future developments/requirements could look like as focus on this area continues and evolves
over time. 

Our key points in the joint response to the FCA and PRA are:

1. We welcome the overall approach and the proportionality of the proposals.

2. We question why the regulators have not been bolder and mandated collection of socio-economic data, at least for larger firms.

3. We express some caution around the potential for wider application of the proposals in the future, and the need to be balanced around reporting requirements.

You can download the full response here