As was widely reported in the press, the FCA and Prudential Regulation Authority both recently issued announcements (FCA announcement / PRA announcement), the contents of which are variously being reported as “a retreat from efforts to help under-represented groups” (as per the Guardian) and, by contrast, a welcome “response to criticism that [the proposed new rules on D&I] would add an onerous reporting burden for firms and create overlap with government proposals to legislate in this area” (as per the Financial Times).
So is the FCA abandoning its D&I efforts, reducing the heat under them, or simply aligning its efforts with Prime Minister Starmer’s aims of reducing regulatory burdens and boosting economic growth?
Of course, the proof of the pudding is in the eye of the beholder, or something like that (please excuse the potentially messy mixed metaphor), so to assist in sorting fact from fiction, here is our high-level summary of what has been announced and what it means, probably.
Joint FCA and PRA update on D&I – proposed changes not going ahead
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