LNB News 12/03/2025
Document Information
Issue Date: 12 March 2025
Published Date: 12 March 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Bank of England (BoE) has published a statement on consultation paper CP18/23 regarding diversity and inclusion in PRA-regulated firms. In 2023, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consulted on proposed rules to improve diversity and inclusion in regulated firms. Due to broad feedback, expected legislative developments, and to avoid additional burdens on firms, the FCA and PRA decided not to proceed with these proposals. A letter from the deputy governor and CEO of the PRA, Sam Woods, to the chair of the Treasury Committee, Dame Meg Hillier MP, provided an update on this decision. The letter emphasised the importance of diversity and inclusion for improved governance, decision-making, and risk management, and acknowledged the Committee's reservations about the reporting aspects of the proposals.
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