UK watchdogs scrap diversity and inclusion rules for financial firms

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The best financial regulators in Britain have plans to impose more severe rules for diversity and inclusion, the last signature that the government’s pressure on observers needs to be reconsidered.

Is Authority of Financial Behavior And on Wednesday, the ruling authorities said that they would not continue programs that will reveal companies more about their diversity and inclusion policy, after them, they are widely criticized by politicians and business.

This step occurred next to FCA’s refusal decision “Name and Shame” Content Proposals: There are more of regulated companies and Prime Minister Sir Keir Starmer’s program for writing the UK Separated payments regulatorA number

It is also mirrors Quick-scale US companies from diversity, equity and inclusion initiatives in the conditions of a general attack on the conservatives adopted by Donald Trump.

In September 2023, under the plans described by FCA and PRA, financial services would be needed to report more data on the diversity of staff, including age, ethnicity, gender, religion and sexual orientation.

The deputies of the two regulators told Wednesday that the plans are terminated in response to the criticism that the legislation coincides with the legislation.

Damon Megl Hiller, Chairman of the Committee of Treasury Choirs, wrote:

“Taking into account this, we do not currently provide new rules to release and enroll and do not intend to return to this area in this area,” said forests.

He added that the regulators will support the voluntary industry initiatives and “will remain vigilant in the risks of group group groups within the framework of firms.”

Many financial services are required to report the gap to pay for their gender, but the deputies have opposed the plans to expand the volume of diversity reported on them.

Last year, he warned the treasury in his “sexism in the city” report.

The standard has been called leading guards to promote economic growth and to say to the ministers of the cabinet that all 130 regulators are audited.

In his letter, FCA CEO confirmed TSC in his letter that the guard also relied on the programs to recognize the regulated companies.

Explaining the decision, Rati said that before he “aimed to build a wide agreement behind the proposals,” and they supported the consumer and whistle groups. “

FCA Boss told reporters that the double clock policy has shown that it is important to “listen carefully” and avoid the rules of “Ar Av”.

But Rati also pushed back to the idea that it was prepared with a wider recurring disk that could leave consumers for fraud and misrepresentation. “I would not want to suggest that we reconnect with the mandate of our main consumer protection,” he said.

The retreat of the regulators was welcomed in the financial sphere. “Mils Celine”, the head of the “Tork” trade association said. “FCA’s decision gives companies and investors a greater certainty and predictability, which is good for international competitiveness and broader economic growth in Great Britain.”

FCA also said that it delays non-financial incorrect behavioral rules such as sexual harassment or violence in the workplace by June. They were due to this month.

Ratti said in his letter that the observer was “loyal to this work,” but the “Legislative Landscape has also changed after consultation.”

The two regulators added that they plan to reconsider how to keep the hat on the bonuses of bankers, affect gender fees and inequality.

But to enable companies to normalize their paid policy, this work will probably happen only in 2026-27 financial year, FCA and PRA said.