The call to action was made at the opening session of Dive In, a three day festival that is now in its fifth year
The chief executive of the Financial Conduct Authority (FCA) has said it wants to see Lloyd’s plans to drive inclusion and diversity fully implemented by firms across the market.
Speaking at the launch of the Dive In festival today in London, Andrew Bailey said the regulator would fully support Lloyd’s as it seeks to eradicate poor behaviour and deliver an inclusive culture across the market and the firms that operate within it.
“I speak today with two hats on,” he told the audience. “I am a regulator, but I am also the chief executive of an organisation and therefore face the same challenges as those chief executives in companies across the financial services industry.”
“We are often asked, although not as much in recent years, why is the FCA interested in this aspect of behaviour. Our response to that question is not difficult.
“This goes to the culture of a firm and it cannot be divorced from the way in which it does business. Therefore, it matters a lot.”
No room for complacency
He added that the view of the FCA is that such a culture will provide a clear indication of how a firm will serve its customers.
While the sector was making progress and had done so in recent years Bailey cautioned there was no room for complacency.
“We all have to accept where we are and where we want to be,” he added. “We cannot rest on our laurels.
“It can be a challenge, but it is a challenge society increasingly poses and it is a good challenge. It is a challenge that in the past may well have not been addressed and met. Society increasingly and rightly holds the market to account.”
He warned those in the market that the FCA would be monitoring the results of Lloyd’s and the wider market’s efforts.
“We will be following this very closely,” said Bailey. “This does have an impact on conduct and as such we will be supporting the market’s efforts as and when we can.”
Follow suit
The Dive In festival is in its fifth year and will host events in 60 cities in 30 countries in the coming week.
Alistair Swift, head of corporate risk and broking UK, at Willis Towers Watson opened the event and said Dive In’s growth was testament to the efforts of the wider market in raising the awareness of diversity and inclusion.
“It is no longer an HR led initiative or a talking shop around diversity,” he explained. “We still have a huge way to go as evidenced by the results of the Lloyd’s survey, but we cannot stop the momentum.
“As leaders we have to set an example and be business champions for inclusion. If we do others will follow suit.”
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