FCA Executive Director Sheldon Mills delivered a speech highlighting the importance of culture and the FCA’s intention to prioritise D&I. Mr Mills also spoke about the need for meaningful progress in relation to climate change and sustainability in the investment management sector, on which the FCA will continue to challenge those regulated by it.
The speech explained the importance of a healthy culture in FCA regulated firms, identifying the correlation between poor conduct and cultural issues. It noted the recent difficulties brought by hybrid working and the need for firms to ensure effective oversight in safeguarding their values.
On D&I, the speech identified the ever changing expectations of customers, employees, and other stakeholders and pinpointed a focus on recruitment as being the only way to bring about lasting change.
Firms were also reminded of the FCA’s discussion paper on D&I which asks for comments by 30 September 2021.