26/01/2022: Ethnic Diversity & Inclusion in the Financial Services Industry Summit

Ethnic Diversity in the City Summit - WeAreTheCity

Ethnic diversity and inclusion is at the top of boardroom agendas across the financial services industry.

Recent initiatives launched by HM Treasury, FCA and the Bank of England to promote ethnic diversity and inclusion represent significant progress, as do the public statements of leading City figures in support of the Black Lives Matter movement. However, much remains to be done.

According to a recent industry survey by reboot., a network of senior, non-white professionals drawn from some of the City’s big firms, nearly half of the respondents felt that their career progression was slower than for white colleagues. Only half thought their leadership team believed diversity to be crucial to the future success of the business. Only 13 of the 100 UK listed employees currently report their ethnicity pay gaps and, despite progress in recent years, fewer than one in ten management senior roles were held by black, Asian or other ethnic minority staff, according to a Discussion Paper, published jointly by FCA, PRA and BoE earlier this year.

How can we get ethnic diversity right at all levels in the hybrid working environment and how can we effectively challenge organisations to do things differently? What should the UK government’s role be in monitoring racial inclusion and diversity in the sector and how should it use its powers to accelerate change?

WeAreTheCity are pleased to be able to offer a 20% discount on ticket prices to this event. To claim your discount, use the code EDI2WTC on checkout.

Speakers include:

  • John Glen MP, Economic Secretary to the Treasury and City Minister Diary, EST – HMT
  • Diana Noble, Chair, The Bank of England’s Review of Ethnic Diversity and Inclusion & Non-Executive Director, Court of Directors, Bank of England
  • Binna Kandola, Business Psychologist, Author of Racism at Work: The Danger of Indifference, and Co-Founder, Pearn Kandola
  • Georgina Philippou, Senior Adviser to FCA on the Public Sector Equality Duty, FCA
  • Dr Heather Melville OBE, Chair and NED, CMI Women, NED Enterprise Enfield, Patron WIBF
  • Vivienne Artz OBE, Advisory Board Member and Former President, Women in Banking & Finance
  • Richard Iferenta, Vice Chair, KPMG, Race Equality Leadership Team, Business in the Community
  • Yasmine Chinwala OBE, Partner, New Financial

Issues to be addressed include:

  • HM Treasury’s perspective on gender diversity: an ever-greater imperative for financial services
  • The FCA’s Diversity and Inclusion agenda and other UK Government initiatives aimed at improving ethnicdiversity in the financial services sector – how will this be best achieved in the hybrid working environment? The cultural shift toward greater diversity – how can you effectively challenge your organisation to do things differently?
  • The BoE’s perspective on creating a change to promote ethnic diversity
  • What should be the FCA’s role in reporting and monitoring racial inclusion and diversity in the sector and how should it use its powers to accelerate change as it does in other areas of financial regulation? What type of consequences should there be for firms, who fail to make the necessary changes and/or meet the FCA’s reporting requirements?
  • Starting from the top – should we focus on ethnic diversity on boards, at the executive level or senior leadership and what are the key mechanisms for increasing diverse leadership? Which challenges are ethnically diverse leaders facing while making their way up to senior roles?
  • Getting it right at all levels – the key actions for securing senior management commitment to tackle ethnic inequality throughout the company. Collecting reliable data to set clear racial diversity targets, to better understand the challenges we face and, to monitor our progress or the lack of it. How could development education and other support initiatives, such as mentoring sponsorships, empower people to be confident and better able to progress their careers?
  • How are COVID-19 & the hybrid working environment impacting the careers of ethnically diverse women in the financial services sector in the UK and internationally?
  • Integrating the Ethnicity Pay Gap Initiative and the Race at Work Charter effectively within your organisation while managing the effects of the pandemic. Lessons learnt from the Gender Pay gap reporting.
  • Have there been any major changes in the approach to talent and recruitment policies in the financial services sector since last year? Looking into alternative ways to enlarge the talent pool and to ensure social mobility through the recruitment process in order to tackle the barriers preventing us from creating opportunities for ethnically diverse talents in the financial services sector

WeAreTheCity are pleased to be able to offer a 20% discount on ticket prices to this event. To claim your discount, use the code EDI2WTC on checkout.

About the author

Alison is the Digital Content Editor for WeAreTheCity. She has a BA Honours degree in Journalism and History from the University of Portsmouth. She has previously worked in the marketing sector and in a copywriting role. Alison’s other passions and hobbies include writing, blogging and travelling.

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