As Chair of Progress Together, representing a third of the UK financial services workforce, I’m disappointed by the Financial Conduct Authority’s and PRA’s decision to row back on their diversity and inclusion proposals. The regulators have a duty to ensure financial markets function well for businesses and consumers, and since 2023, to facilitate the competitiveness and growth of the UK economy. To achieve these statutory objectives, we must fully utilise the talent available to us in the UK.
Mandatory Reporting is Key to Progress
Last year, with The Social Mobility Foundation upReach The Solicitors Regulation Authority
The Economic Case for Action
The economic case for action is compelling. A report launched by the Employment Minister, Demos, and the Co-op Group last October suggested that improving social mobility in UK workplaces could boost GDP by £19 billion annually, generating £6.8 billion in tax revenues and increasing company profits by over £1.8 billion per year. Evidence in financial services shows that employees from lower socio-economic backgrounds take up to 25% longer to progress in their careers, despite no difference in performance. Are we truly as meritocratic as we think we are? How much more productive could we be if we progressed our high performers, not just those that fit the mould?
The Urgency for Change
The need for action is urgent. The Financial Services Skills Commission
Progress Together is Ready to Support Change
As Chair of Progress Together, my team is ready to help the financial services sector meet this challenge.