Commentary

The City needs greater diversity, but should regulators impose it?

The FCA and PRA are already over-stretched dealing with their existing duties

Monday 9 October 2023 at 04:01

The costs on industry will mount up from the watchdog's plans to ensure greater diversity. Will the benefits outweigh them?
The costs on industry will mount up from the watchdog's plans to ensure greater diversity. Will the benefits outweigh them? Photo: Getty Images

David Wighton is a columnist for Financial News

Whatever you think about the regulators’ efforts to improve diversity and inclusion in the financial sector, you might question their timing — a few days before the Conservative Party conference was hardly the ideal moment to propose forcing regulated firms to draw up comprehensive D&I strategies, set targets and collect lots more data to show how they are performing.