Diversity and Inclusion in the Financial Sector: Working Together to Drive Change
This Discussion Paper (DP) is issued by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) as well as the Bank of England (the Bank) in its capacity of supervising financial market infrastructure firms (FMI). They have published this DP to engage financial firms and other stakeholders in a discussion on how they can accelerate the pace of meaningful change and what role they can most usefully play to support this change. The DP reiterates why diversity and inclusion is important for our objectives, explores how to build on existing requirements to support and monitor progress in the UK financial sector. The regulators are working together to clarify their regulatory approach to diversity and inclusion in pursuit of our statutory objectives and having due regard to our Public Sector Equality Duty. This discussion will support their engagement with stakeholders and policy development, helping to determine which interventions could have the greatest impact.
Ethnicity in Investment Management: Building Positive Intentions into Meaningful Action
This report by the Investment Association (IA) reflects on the actions investment management firms are taking to better understand their workforce and identify where minorities are under-represented, as well as the reasons behind this. It is designed to provide practical examples through case studies to share good practice with their wider membership. It forms part of the extensive existing body of D&I work produced by the IA, including their 2019 Black Voices report which looks specifically at the experiences of Black professionals working in the investment management industry and Black students considering their careers.
The Diversity Forum
From The Diversity Forum: The Diversity Forum is a collective on a mission to drive inclusive social investment in the UK, through the convening of sector-wide groups, commissioning research, and knowledge sharing. Their report, published in January 2019, found that only 2.8% of directors in the social investment sector were women of ethnic minority backgrounds, and almost one in five directors in the sector had attended Oxford and Cambridge universities. There is urgency to change this to ensure that we represent the people we seek to serve, as well as to uncover new opportunities.
A Framework for Inclusive Investing: Driving Stock Market Participation to Close the Wealth Gap for Women of Color
From Commonwealth: A new, unified analytical framework for understanding the barriers holistically and articulating how the nation’s public, private, and social sectors can use this framework to pursue promising actions to help narrow the nation’s wealth gaps
It’s time for a new approach to racial equity
From McKinsey This article argues that collective action that brings together public-, private-, and social-sector stakeholders is the most promising way to create broad, permanent change on this complex issue.
Global Black Principles for Funding Equity
From The Wise Fund: Black Philanthropy Month (BPM) has identified 10 New Black Funding Principles. Funders can adopt the principles by signing the BPM’s Black Funding Equity Pledge.
The Diversity Project
The Diversity Project is a cross-company initiative championing a more inclusive culture within the Savings and Investment profession.