City bosses are pushing back against proposed diversity, equity, and inclusion (DEI) rules from the Financial Conduct Authority (FCA), arguing that they will create unnecessary bureaucracy and job roles in HR, rather than meaningfully addressing diversity issues. The FCA has faced criticism for potentially implementing cumbersome reporting regimes and for prioritizing company reputation over employee well-being.
City bosses are demanding that the financial regulator scraps diversity proposals because it will 'only create jobs in HR'.They have claimed that diversity, equity and inclusion rules would slow growth.
Last year, the Treasury committee said women in finance are still afraid to speak out about abuses in the workplace because the City is still a 'man's world'. City bosses are demanding that the financial regulator scraps diversity proposals because it will 'only create jobs in HR'. Pictured is a view of London's financial district
Another told The Telegraph: 'There is a risk the FCA is on course to introduce a cumbersome reporting regime. The only certainty of its impact will be to create jobs in HR.' The report found companies regularly use legally binding contracts to 'cover up' abuse and to make problems 'go away', while HR teams tend to prioritise the reputation of the business over the wellbeing of staff.
The Oxford University findings come as the Bank tries to keep a lid on inflation amid fears it will climb above three per cent later this year.
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