Diversity, Equity & Inclusion (DE&I)

The financial sector has had two years to consider, develop, and implement their Diversity, Equity & Inclusion (DE&I) policy and practice since the FCA published their discussion paper.

In the census, respondents were asked if their company had a clear DE&I policy, with 83% answering yes (81% in 2022) and 17% answering no (19% in 2022).

When analysing different occupations, BDMs stood out as the outliers, with 96% of respondents indicating that their company had a clear DE&I policy. This is not surprising, considering the size of employers that BDMs typically work for.

a significant minority expressed scepticism about the impact on commercial success…

However, the issue of DE&I applies equally to all firms of different sizes. While most respondents had positive and supportive views of their company's DE&I initiatives, a significant minority expressed scepticism about the impact on commercial success, and others were disengaged or unsure about what DE&I meant for their business.

only focus on diversity and inclusion, excluding the equity aspect

It's worth noting that some initiatives in the public domain only focus on diversity and inclusion, excluding the equity aspect, and gender diversity receives more attention than other forms of diversity such as ethnicity and age.

Despite an overall positive response to the presence of DE&I policies, the fact that 17% of respondents still reported a lack of clarity in their company's policies highlights the need for ongoing efforts to promote and implement DE&I in the financial services industry.

The Comments…

Positive comments

Various arms of I&D policy. Really positive equality employer. I have a disability and they have been incredibly accommodating
Plenty of resources & training available as well as inclusion groups and spotlight on individual stories for wider understanding
Full global D&I committee focusing on five key strands of cultural diversity, enable, gender balance, LGBT+ and social mobility
Regular events across many aspects of DEI. Recognise national days such as menopause, women, LGBTQ etc
Certified B corporation
The policy focuses on demographic diversity, it needs to develop to incorporate diversity of thought and challenge to norms
Well-grounded and high awareness across staff
As a small firm, we try to be diverse, with a predominantly female staff at present. (6 female, 3 male)
We employ manager who has had strokes which has affected ability to do his role, he is treated with respect and is valued for what he can do

Sceptical/Critical – selected comments

Massively embraced (over the top)
There are some positive aspects which are welcomed. However, there are some negatives; positive discrimination can lead to the best candidate being overlooked simply because they do not represent a minority e.g. Sex or ethnicity. Essentially, a good idea can be taken too far and the point missed. DE&I can bring some interesting points to the fore but in big companies there are plenty of people that will hide behind the policy and use to mask their incompetence/poor work output. All in all. I think it’s a distraction from commercial focus. The movement toward this can also make a white, nearly 40 male wonder if by default they will not progress within a large organisation
Location means ethnic diversity can largely only happen in theory. I think we've lost a sense of balance and proportion. My own personal productivity is being negatively impacted by menopause training, attendance at all the various diversity group meetings etc
Too early to see this one in action; previous one was a joke and caused significant damage
Standard politically influenced scheme
Lip service
Woke nonsense
We are all along for the same ride. The people who write these policies are often far removed from the "coalface".
We employ based on ability, attitude, and quals, simple as
We hire and promote based on ability

A number of comments suggesting low knowledge

I don’t know, I assume they have one
No idea
Not sure
I don't have the information