Opinion

Time to target action: how to engage with FCA and PRA proposals for mandatory D&I targets

Published Date
Nov 17, 2023
The latest post in our series on the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultations on proposals to improve diversity and inclusion (D&I) in the UK financial services sector considers the regulators’ proposals to require firms to set and publicly disclose “stretching but realistic” D&I targets. 

The current proposals would require in-scope firms to set at least one target for: (i) its management; (ii) its senior leadership; and (iii) its employees as a whole. The regulators hope that requiring firms to set and disclose these targets will enable them to more proactively address underrepresentation of certain demographics.  We consider the likely requirements and the challenges firm may need to engage with to prepare for the new regime. 

The next post in this series considers the FCA and PRA proposals relating to the reporting and public disclosure of D&I data. 

 

Special thanks to Zoe O'Logbon, trainee at Allen & Overy, for her contribution to the drafting of this post. 

Content Disclaimer
This content was originally published by Allen & Overy before the A&O Shearman merger