By Liz Field, CEO PIMFA

As a follow-up to our inaugural Diversity & Inclusion Awards last year, PIMFA, in conjunction with Cicero/AMO, created two reports to support firms in improving diversity and inclusion across the industry.

The first of these, entitled “The Regulatory Case for a more Inclusive and Diverse Industry”, outlines the regulatory expectations of the Financial Conduct Authority (FCA) as they are due to be applied to the wealth management and advice industry in the future and draws several important conclusions about the need to improve diversity and inclusion within the industry and the regulatory and commercial reasons for doing so.

Meanwhile, the second report – “Best Practices for a more Inclusive and Diverse Industry” – draws on the experiences and work currently being carried out by firms across the financial services industry. This paper contains case studies of best practices from across the industry and a series of recommendations on how companies can improve or start their journey towards improving, diversity and inclusion within organisations.

 

Talent, D&I is an issue that PIMFA members has identified in our Members Manifesto as a key area to address, and the recent 2022 strategy refresh with members confirmed it as a top priority for firms.

While great strides have been made by firms, there is still a long way to go and there is a growing realisation that those who fail to diversify their workforce and foster a culture of inclusion will not only become vulnerable to increasing regulatory and investor scrutiny but see their business’ performance suffer relative to the competition. Young people and investors are asking firms ‘What are you doing about D&I?’ and in the war for both talent and investors firms are stepping up their game.

It remains unclear exactly how the UK’s regulators will move forward in the D&I space with a CP due in the Autumn, but what is certain is that the ethnic, cultural and gender diversity of both boards and the workforce is under the microscope. This focus will only increase throughout 2022 and beyond. It is expected that incoming regulation will centre on transparency through corporate reporting and firms will have to look inwards at their internal processes and culture to address their D&I strategy and ESG impact more broadly.

 

We are delighted with the quality evidenced in the shortlist for this year’s PIMFA Diversity & Inclusion Awards, being held at the Sheraton Grand Hotel in central London on 19 October 2022. Evidence of progress is clear.  Judging by a group of industry peers, alongside experts in diversity and inclusion from charities with whom that PIMFA partner, will commence shortly and we look forward once again to celebrating the many instances of good practice and innovation which remain hidden or unrecognised within our profession and using them to support our role in promoting the sector.


Click here for more information about the PIMFA D&I Awards 2022

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