“Although it’s illegal to vary menu prices by certain individual characteristics (such as gender, race, or IQ), [lenders] can price discriminate by altering the characteristics of the mortgage contract presented to borrowers,” the central bank found.
The AMI’s survey will look into how mortgage-related lenders can achieve “diversity of thought” and “inclusive cultures”, two factors which play a part in making mortgage products themselves more diverse.
The trade body's survey also follows hot on the heels of a wider industry discussion paper published by the Financial Conduct Authority, Prudential Regulation Authority and Bank of England earlier this month setting out plans to improve diversity and inclusion in financial services.
Policy options included the use of targets for representation, with measures to make senior leaders directly accountable for diversity and inclusion in their firms.
These measures included linking remuneration to diversity and inclusion metrics and the regulators’ approach to it in terms of non-financial misconduct.