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The Bank of England says it has decided against creating new rules for turning and joining the financial sector to avoid heavy “regulatory loads” between the wider pressure for economic growth.
The Bank’s Enforcement Army, the Productic Regulatory Authority (PRA), on Tuesday, revealed the decision on Tuesday after ending the diversity of major US firms after attacking US President Donald Trump’s workplace schemes.
A letter from Watchdog, a letter from Sam Woods, who is the Chair of the Parliament Treasury Committee, said that the organization would be “alert to the dangers of group thinking” within these firms, rather than telling them to represent the women and the people of their ethnic minority background in their industry, rather than they would say to them. To tell that they will be aware of the dangers of group thinking within these firms.
In Mr Woods’ letter, after a parliamentary inquiry, in 2024, the Treasury Committee was known as’ Sexism ‘, which saw misconduct in financial services. The committee returned to the subject after a preliminary inquiry in 2018 when the sector was shaken by claims of sexual harassment.
Reflecting on whether the industry has made progress on gender salaries and the “Alpha Male” culture affiliated with the sector, the report states that only “additional improvements” have been made.
In particular, “a disappointing lack of sexual harassment and bullying progress, including serious sexual mismanagement.”
In Mr Woods’ letter, the PRA acknowledged that diversity and participation could help firms improve decision -making and risk management, as well as “competition for UK financial services from medium to long -term”.
But the regulator’s consultants said they wanted “avoiding duplicate and unnecessary expenses”, especially when the government already plans to bring new legal reporting requirements for companies.
Mr Woods’s letter wrote, “We noted that now there is an active legislative agenda in the area, including gender action plans and reporting of disability and racism salaries.”
He added: “Our work is also increasing in our work on reducing the regulatory burden on firms while providing our goals, and adding important new needs to the area can also be seen as the stress of this approach.”
Chancellor Rachel Refus regulators were urged to appeal the red tape to encourage economic growth.
Britain’s employment rights minister, Justin Madders last month, said he did not expect British business to follow the goals of diversity of US rivals, despite concerns over Trump’s agenda, including the official workforce of diversity measurements.
Several major US businesses, including Google, Meta, Amazon and McDonald’s, have surpassed their diversity programs after Mr Trump’s presidential victory.
In the UK, Devilit told its staff that it was “committed to our diversity goals” after reports of changing attention in the United States, while Barclays’ boss said that despite the changes, the “unprecedented” commitment to join the bank.
Woods said in the letter that the firm would not publish any new rules on the subject or would not return to the question “Unless the implementation of any new legislation in the area.”
