Publication
Insurance regulation in Asia Pacific
Ten things to know about insurance regulation in 19 countries.
Diversity, Equality and Inclusion (DE&I) for financial services
Financial services and regulation: Insights and resources
United Kingdom | Publication
Introduction
DE&I is rising to the top of the regulatory agenda and is an important component of the ‘G’ in ESG. Research shows evidence of correlations between DE&I and positive outcomes in risk management, good conduct, healthy working cultures, and innovation. These outcomes directly contribute to the stability, fairness and effectiveness of the firms, markets and infrastructure that together make up the financial sector. The Bank of England, PRA and FCA view DE&I as a priority and are proposing a framework that would establish minimum standards and give firms a better understanding of what is expected of them in this area from a regulatory standpoint.
The regulators proposals apply differently to firms depending on their number of employees, their categorisation under the Senior Managers and Certification Regime (SM&CR), and whether they are dual-regulated. To reduce regulatory burden, smaller firms with fewer than 251 employees would be exempt from many of the requirements.
Key areas
| Limited Scope SMCR firms | Smaller solo-regulated firms | Large solo-regulated firms | Smaller dual-regulated firms | Large dual-regulated firms | |
| Non-financial misconduct – Conduct rules, F&P assessments and Threshold Conditions | ✔ |
✔ | ✔ | ✔ |
✔ |
| Data reporting |
✖ |
✔ Report number of employees only |
✔ Full data reporting requirements apply (covering mandatory and voluntary information) |
✔ Report number of employees only |
✔ Full data reporting requirements apply (covering mandatory and voluntary information) |
| Data disclosure | ✖ |
✖ |
✔ |
✖ |
✔ |
| D&I strategies | ✖ |
✖ |
✔ |
✔ |
✔ |
| D&I targets | ✖ |
✖ |
✔ |
✖ |
✔ |
| Risk and governance | ✖ |
✖ |
✔ |
✔ |
✔ |
| Monitoring D&I | ✖ |
✖ |
✖ |
✔ |
✔ |
| Interplay with SMCR and individual accountability |
✖ | ✖ | ✖ | ✔ | ✔ |
Global Head of Financial Services
Email
jonathan.herbst@nortonrosefulbright.com
Co-Head of the Contentious Financial Services Group, London
Email
katie.stephen@nortonrosefulbright.com
Global Director of Financial Services Knowledge, Innovation and Product
Email
simon.lovegrove@nortonrosefulbright.com
Counsel
Email
hannah.mcaslan-schaaf@nortonrosefulbright.com
Managing Director of Risk Advisory, EMEA
Email
haney.saadah@nortonrosefulbright.com
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