A lackluster economy that’s still recovering from the COVID-19 pandemic isn’t the only issue plaguing the UK financial sector these days. Recently, regulators pointed to diversity and inclusion in the space as a serious problem that needs to be addressed — and they offered a few ideas on how to fix it.
In a report, “Diversity and inclusion in the financial sector – working together to drive change,” Financial Conduct Authority Chief Executive Nikhil Rathi, Bank of England Deputy Governor of Financial Stability Jon Cunliffe, and Sam Woods, deputy governor of Prudential Regulation and CEO of the Prudential Regulatory Authority, wrote that the lack of diversity must be corrected.
“It is important that we, as financial regulators, play our part in addressing the negative impact this has within financial services, including by prompting the firms we regulate to do more — more quickly — to improve diversity and inclusion within their own workforces,” the authors wrote.
The Women in Finance Charter, the Race at Work Charter, and the Social Mobility Task Force are among the efforts in the UK sector to address the diversity problem, the report stated.
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