By Kristy Dorsey Senior managers across the financial sector could have their pay linked to progress on workforce diversity and inclusion (D&I) targets under proposals put forth by UK financial watchdogs. In a discussion paper jointly published yesterday by the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Prudential Regulation Authority (PRA), the authorities said they are starting a “new conversation” with firms on how best to cut down on “groupthink” that spurred on disasters such as the 2008 banking crisis. Active promotion of D&I, they said, would improve “governance, decision-making and risk management” within firms, while also creating a more innovative industry with products and services better suited to the diverse needs of customers.
She will start on 9 July, replacing outgoing Natalie Ceeney.
Smith is Lloyds’ first chief digital officer, where she has supported building digital capabilities across the insurance industry. She has also worked as a Treasury fintech envoy for Scotland since December 2016, where she supports incumbents and collaborates with start-ups.
Smith will join Innovate Finance’s board as a director on 1 June and from 9 July will take over as chair, replacing Natalie Ceeney CBE, who has been in the role since May 2017.
Ceeney’s career has spanned the public and private sectors, across a range of policy, leadership and regulatory roles. In addition to Innovate Finance, she chairs the independent Access to Cash Review, and is a non-executive director of Anglian Water Services, Ford Credit Europe and Sport England.