FCA and PRA unveil D&I proposals for FS firms

On 25 September 2023, the FCA and the PRA issued consultation papers (CPs) proposing a new regulatory framework for Diversity & Inclusion (D&I) in financial services (FS): CP23/20 and CP18/23, respectively.

The wide-ranging proposals cover: data monitoring, reporting and public disclosure; target setting; D&I strategies; governance and accountability; risk management; and non-financial misconduct.

The consultations close on 18 December 2023. The regulators intend to issue policy statements in 2024, with the rules coming into force 12 months after the policy statements.

Download this At a glance to read a detailed analysis of the two CPs, and their implications for firms.