Context
The FCA has published a speech by Sheldon Mills, Executive Director, Consumers and Competition, delivered at New Financial.
Key points to note
- There is a lack of black people across senior roles in financial services, and there is a strong business case for improving diversity and inclusion at senior levels, with black inclusion being an important part of this.
- The racism which many black people face in the workplace is not overt, but subtle and insidious, and it adds obstacles for black people to succeed.
- Black inclusion is important to the FCA as a regulator. It wants firms to consider how they can accelerate black inclusion at all levels as part of their diversity and inclusion agendas. Data plays an important role in driving transparency and action.
- The FCA has recognised its own challenges as an employer and is taking action as an employer to improve black, Asian and minority ethnic representation and inclusion.
Diversity and inclusion have been important to the FCA for some time both as a regulator and as an employer. The events following George Floyd’s murder drove very open discussions across the FCA. These discussions made the FCA think how it could do more and do better as an employer. It listened and recognised the challenges.
The FCA’s Ethnicity Action Plan, published last year, focusses on ensuring a pipeline of talent, supported with training and development and with accountable management.
Next actions
None – for information only