FCA: Financial services must reflect the diverse industry it serves
Action needs to be taken quickly for financial services to become an industry that is representative of the diverse people it serves, according to city regulator the Financial Conduct Authority (FCA).
“There is a growing consensus that healthy cultures are purposeful, diverse and inclusive… [and] a healthy culture is one where diversity is the fertile soil in which innovation and improvement flourish,” said the FCA’s Jonathan Davison, speaking today at the annual Culture and Conduct Forum for financial services.
The executive director of supervision said the tragic of George Floyd and the Black Lives Matter movement have increased the public consciousness about inequalities and injustices “that have no place in modern society”.
“Tackling these challenges to the way we work is going to require purposeful leadership,” Davidson continued, adding that diversity in the workplace also lends benefits to shareholders.
He added: “Successful leaders will, in my view, be skilled in leading both strategic and cultural change – informed by purpose.”