Ministers Urge Financial Conduct Authority to Scrap Diversity Plan
Cabinet ministers find themselves in a heated disagreement with the financial regulator over proposed mandatory diversity quotas for banks. Business Secretary Kemi Badenoch and Chancellor Jeremy Hunt are both pushing the Financial Conduct Authority to abandon the plan.
Chancellor Quietly Pressures FCA to Drop Plan
Chancellor Jeremy Hunt has been discreetly increasing pressure on the FCA in the hopes that they will shelve the controversial diversity plan. The FCA has been considering requiring banks and financial institutions to report on staff gender, ethnicity, and class background.
FCA's Consultation on Inclusion Targets
The FCA's consultation suggests that businesses should establish and achieve new targets to enhance "inclusion," fostering a "healthy culture" and reducing "groupthink." Companies that fail to comply with the regulations could face penalties ranging from warnings to fines or even being removed from the industry.
Ministers Clash Over Public Criticism
While both Ms. Badenoch and Mr. Hunt are advocating for the FCA to scrap the plan, they have differing views on the public approach to their criticism. Ms. Badenoch is in favor of a more assertive stance, whereas the Chancellor has opted for a quieter strategy to sway the FCA's decision.
Treasury Response and FCA Statement
A Treasury spokesperson emphasized the independence of regulators but assured a thorough review of any proposals. Meanwhile, an FCA spokeswoman defended the consultation, highlighting its aim to address misconduct issues like bullying and sexual harassment while promoting a competitive financial sector.
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