FCA and PRA ditch plans to progress with diversity and inclusion targets

'To avoid additional burdens on firms'

Two of the UK’s main regulators, the Financial Conduct Authority and the Prudential Regulation Authority, have abandoned plans to introduce rules aimed at improving diversity and inclusion (D&I) within regulated firms.

The pair had both consulted in parallel with industry on proposed rules and expectations that sought to improve D&I at firms that fall under their remits.  The FCA said: "In light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time, the FCA and PRA have no plans to take the work further." FCA drops plan to name and shame firms under investigation Imogen Makin, counsel at the international law firm WilmerHale, said the regulator's recognition that the existing rules cause a burden on firms is "welcome".  ...