January 2024
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This conference focused on next steps for improving diversity and inclusion (D&I) within the finance sector.
It was an opportunity for stakeholders and policymakers to discuss their latest thinking and emphasise key priorities, as the Financial Conduct Authority and the Prudential Regulation Authority considers their consultation response on a proposed new regulatory framework.
Delegates examined regulatory proposals for mandatory disclosure of a range of employee characteristics. They assessed practical issues related to privacy, data protection, how information will be utilised, and practicalities of enforcement, as well as alternative approaches to achieving the aim of a more diverse and inclusive financial sector.
Further sessions looked at challenges for firms operating internationally in achieving D&I across different cultural norms and varying international markets, and how they are being addressed.
We also expected discussion on priorities for the sector, government and regulatory bodies in tackling misogyny and sexual misconduct, as the Treasury Committee continues it Sexism in the City inquiry.
The agenda included case studies on effective implementation of diversity across financial firms, including changing organisational practices and culture, benchmarking and measurement, and the impact of AI and wider innovation. Speakers shared experiences in the areas of use of research, support networks, and employee hubs and resources.
We are pleased to have been able to include keynote sessions with: Jenny Baskerville, Head of Inclusion, Diversity and Social Equality, KPMG; and Board Member, Progress Together; Jason Buwanabala, Diversity, Equity and Inclusion Manager, PwC; and Benedicte Perowne, Partner, Osborne Clarke.
Overall, areas for discussion included:
- policy and regulation: FCA/PRS proposals - the Sexism in the City Treasury Committee Inquiry - implications and effectiveness - progress and options for improving D&I in financial services
- data and reporting: examining concerns and potential benefits for collection of data on employee characteristics - data privacy, stewardship and use - governance, transparency and accountability
- best practice: exploring effective strategies for enhancing D&I - examples of successful implementation - organisational practices and culture - benchmarking and measurement
- multinational challenges: tackling challenges faced by financial firms which operate globally - cultural norms and key markets - latest thinking on approaches, solutions and implementation
- innovation: assessing potential impact of AI and tech on D&I - opportunities for tackling key challenges for advancing D&I - tackling possible challenges in areas such as recruitment
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from DBT; Department for the Economy, NI; DfT; DWP; HMRC; HM Treasury; Home Office; NAO; Ofcom; The Scottish Government; and the Welsh Government.
