Sir Jon Cunliffe, deputy governor for financial stability at the BoE, added: “Diversity and inclusion is beneficial for financial stability. Groupthink and overconfidence are often at the root of financial crises.
"Enabling a diversity of thought and allowing for an array of perspectives to coexist supports a resilient, safe and effective financial system.
To assess progress the authorities are proposing collecting data from firms about their workforce.
Prior to this there will be a one-off pilot survey later this year which will help to develop the proposals set out in the discussion paper and test how firms’ can provide data with a view to considering regular reporting in the future.
The discussion paper is open until September 30, 2021 and the feedback and data received will be used to develop detailed proposals, with a joint consultation planned for Q1 2022.
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