The Bank of England has opted against introducing new diversity and inclusion regulations for financial firms, choosing to support voluntary industry initiatives instead. This decision aligns with the UK's larger trend of reducing regulation to stimulate economic growth, mirroring recent rollbacks in US diversity policies. Sam Woods, deputy governor of the PRA, stated that the focus will shift to monitoring risks of group-think rather than mandating reporting on diversity measures. This follows inquiries exposing persistent sexism and harassment in the financial sector, highlighting the need for action against such misconduct.
The Bank of England has decided against implementing new regulatory measures for diversity and inclusion among financial firms, prioritizing voluntary initiatives instead.
The decision reflects a broader trend of regulatory rollback in the US and the UK’s focus on reducing regulations to stimulate economic growth.
Sam Woods emphasized the importance of maintaining oversight of group-think risks within current supervisory frameworks rather than enforcing reporting requirements on diversity.
An inquiry by the Treasury committee on sexism and misogyny in financial services revealed insufficient progress on gender inequality despite previous investigations.
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