25 September 2023
If you are covering the new FCA consultation paper, CP23/20: Diversity and inclusion in the financial sector – working together to drive change, please find a comment below from Priti Verma, chief risk officer at Quilter:
“This consultation sends a clear message that it is high time that diversity is taken seriously in financial services and that poor office behaviours can no longer be tolerated. The financial services sector needs to go much further to break down perceptions that it’s a ‘boys’ club’, as it is this that directly prevents women and girls viewing financial services as a potential career.
“The regulator’s intervention is a timely reminder us all about how important diversity at the very top is in setting a healthy corporate culture, where people are free to speak. And that includes diversity in general – not just gender diversity.
“But protecting people’s rights and making them feel like they belong in a workplace should be just the bare minimum. Greater diversity should be part of company strategy and recognised as a non-financial risk. Getting it right can help improve both business performance and investment returns. More diversity on boards means more varied perspectives and experiences, which allows for more effective decisions to be made, and group think to be challenged.
It’s our hope that young women across the country view the plethora of roles within financial services, including financial advice, as a potential option for them. It’s no secret that the financial services industry needs to better reflect the customers it is serving and that includes recruiting more women as well as more people from diverse backgrounds.”
