UK Guard Various Reviews and Rules for Financial Fund

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Two leading two leading financial regulators plan to impose tougher rules for diversity and inclusion, in the last sign that the government’s pressure on guards to support economic growth makes many politicians rethink.

A Power by financial behavior And on Wednesday, the Proude’s regulation stated that it would not continue plans that require companies to disclose more about their diversity and inclusion policies after they widely criticized politicians and enterprises.

This step came along with the FCA decision to give up Controversial proposals “Name and Shame” More regulated firms she is investigating and Prime Minister Sir Keira Plan to get rid of the UK A separate payment regulator.

It’s also mirrors Fast retreat US companies on diversity, justice and inclusion initiatives amid the launch of Conservatives enhanced by Donald Trump’s election as president.

In accordance with the plans outlined in September 2023, FCA and PRA, which is part of the Bank of England, had to report additional data on the diversity of staff, including age, ethnicity, gender, religion and sexual orientation.

The two regulators told MPs on Wednesday that the plans were abolished in response to criticism that they would add heavy load to the firms and create overlapping with government proposals for legislation in the field.

In a letter to the lady Meg Hiller, the chairman of the Community Treasury Committee, the head of Pri Sam Woods wrote: “Many of those who responded to our counseling want us to meet our normative approaches to the relevant initiatives to avoid duplication and unnecessary costs.

“Given this, we are currently not planning to publish new rules for diversity and inclusion, and we are not going to return to this issue until after the introduction of any new legislation in the field,” Woods said.

He added that the regulators would support voluntary industry initiatives and “remain vigilant at Groupthink at firms.”

Many financial services companies have already been obliged to report their gap in gender, but the deputies have pushed away the plans to expand the number of reporting on the diversity imposed on them.

In his report “Sex and the City” last year, the Committee on Choosing the Treasury warned: “These expensive initiatives with unclear benefits will probably be considered by many firms as another exercise” mites “, and not necessarily attract the necessary cultural changes.”

Since then, Starmer has called on leading guards to offer ways to increase economic growth, and ordered the offices to the Minister of the offices to audit all 130 regulators to find out which authorities can be overcome.

The FCA leader Nihil Rati confirmed in his letter to TSC that the guard also retreats from the plans to determine the more adjustable companies he studies.

Having explained the decision, Rati stated that while he “set a goal to create a wide consensus for proposals,” and they were supported by consumer and alarm groups, “the industry remains largely against certain aspects.”

The FCA boss told reporters that the double policy of the watchman showed that it was important to “listen carefully” and avoid the rules of “attracting” the legislation.

But Rati also pushed away from the idea that he was ready for a broader de -deregulation drive that could leave consumers to be subjected to fraud and incorrectly sold. “I would not want to suggest that we retired any way from our main consumer protection mandate,” he said.

The retreat of the regulators was accepted in the financial sector. Miles Selik, Head of the Thecityuk Trading Association, said: “The FCA decision gives companies and investors more certainty and predictability, which is good for the UK’s international competitiveness and wider economic growth.”

The FCA has also stated that it delays plans to introduce non -financial violations such as sexual harassment or workplace bullying until June. They had to this month.

In his letter, Rati stated that the caretaker was “still devoted to this work”, but “the legislative landscape has also changed since we consulted”, so “it was necessary to get this right.”

Two regulators have added that they plan to analyze how to write off the bonuses of bankers affected gender payment and inequality.

But to allow companies to adjust the pay policy, this work is likely to take place only in the financial year 2026-27 years, the FCA and PRA reported.