FCA completes drafting regulations that require organizations overseen by it to reveal information on the representation of women and ethnic minorities on company boards. This is all to ease for participants to notice how diverse the senior leadership team at a company really is.
FCA approach sets positive diversity targets, and if a listed organization isn’t able to meet the rules, they are obliged to explain why. Although this ruling seems to be specifically strict, it still provides flexibility for smaller firms or those situated over the border. The regulatory framework also allows for organizations to find the most suitable way how to collect data to help them follow the needed goals.
The ruling has been applied to organizations since April 1st of, 2022, and will be revised in 3 years to guarantee that the regulations bring the desired results and are of current interest.
This way forward reflects FCA’s focus on changing the situation in the financial service sphere for diverse groups of people.