13 July 2021
The Financial Conduct Authority (FCA), Prudential Regulation Authority and Bank of England published a discussion paper last week on diversity monitoring and reporting at financial services firms, ‘Diversity and inclusion in the financial sector’
Firms may have to regularly report on the demographics of their board, and make that data publicly available, or link progress on diversity and inclusion to remuneration.
Natasha Adom, senior lawyer at GQ|Littler, said collecting the information could pose problems. ‘The FCA acknowledges that, even aside from data protection issues, this will be challenging and will take time along with new systems and processes.’
