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Speech by the UK regulator on diversity, culture and governance

Publish date: 08 February 2019
Issue Number: 57
Diary: CompliNEWS
Category: Speech

Speech delivered by Andrew Bailey, Chief Executive of the UK's Financial Conduct Authority (FCA) at the PIMFA Wealth of Diversity Conference in London on 5 February 2019:

Highlights

  • Diversity and inclusion is central to how we act as a regulator and as an employer.
  • Fostering a culture of diversity and inclusiveness can contribute to changing the behaviour of firms for the better.
  • The culture and governance of firms is a priority for us but we do not prescribe what this should be.

Although delivered to a UK audience, this speech will be of interest to South African financial services providers.

Extract

'Fostering an inclusive and diverse culture can contribute to changing the behaviour of firms for the better. As shorthand, I always say that I don’t want to work in a place that is full of people like me – you don’t have to respond to that. Diversity and inclusion help to mitigate the risk of groupthink, and I believe they provide an opportunity for competitive advantage to organisations by helping them to make better decisions and to think in the long-term. And, if we needed a reminder, we have seen events in the last year or so – take some of the tech companies as the example – that demonstrate how groupthink and the risks that grow with it is not just a feature of old institutions. Interestingly, it takes root very quickly.'

Read the full speech here

Working Smart

By Lee Rossini

Nothing in life is static for long; change is always taking place around us in different forms and guises. Although we sometimes drive the changes ourselves, often they are imposed on us. New regulations, technologies, client demands, competitors; these are some of the reasons why a financial advice business must constantly update and re-engineer its strategies. While some business owners relish change, others fear and resent it. However, to be an effective business owner or manager, it is essential to recognise when change is desirable or at least inevitable although this does not necessarily mean that employees will feel the same way.  

CPD

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