The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have scrapped proposed diversity, equity, and inclusion (DEI) rules for UK financial firms, citing concerns about regulatory duplication and unnecessary burdens on businesses.
"We continue to think that an appropriate focus on diversity and inclusion in the culture of the firms we regulate can deliver improved internal governance, decision-making and risk management," PRA CEO Sam Woods wrote in a letter to House of Commons Treasury Committee chair Dame Meg Hillier. However, he acknowledged that adding "significant new requirements in this area could be seen as in tension" with the government’s broader efforts to cut red tape and stimulate economic growth.
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