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Financial sector bosses' pay could be linked to diversity and inclusion targets

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. ....

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Innovate Finance hires Treasury fintech envoy as new chair

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. ....

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