U.K. money managers say they need better data for diversity efforts
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Although U.K. money managers are increasingly working to improve ethnic diversity and inclusion, data are lacking on the topic and hindering evaluation of their efforts, a new report warns.
Among the findings of discussions with 24 firms, collectively managing about £5 trillion ($6.9 trillion) in assets, the Investment Association and law firm Eversheds Sutherland found data to be a particular issue when it comes to analyzing ethnic diversity and inclusion.
While 75% of firms currently collect or have begun to work on collecting data on the so-called protected characteristics of their workforce including ethnicity legal, data protection and trust issues are obstacles to full disclosure. These problems mean only a handful of firms obtain sufficient data to draw meaningful conclusions, the report said.
New warning from Action Fraud, the City of London Police and the Financial Conduct Authority (FCA).
Number of ‘clone firm’ investment scams reported increased by 29% as UK went into first lockdown
Victims scammed out of more than £45,000 each, on average
77% of investors do not know or are unsure what a ‘clone investment firm’ is
FCA and Action Fraud advise investors to only use contact details on the FCA Register
to help avoid ‘clone firm’ scams
Action Fraud and the City of London Police are working with the Financial Conduct Authority (FCA) to issue a warning to the public, as reports of ‘clone firm’ investment scams increased by 29 percent1 in April 2020 compared to March, when the UK went into its first lockdown.