Black History Month: The industry’s push to a more inclusive culture

Black History Month, taking place for the whole of October, was initially created to focus attention on the contributions of African Americans to the United States. 

It was a way to honour all Black people from all periods of history but it has since been adopted in the UK and with that, by the financial services industry. 

First up, the regulator. Diversity and inclusion is an area the Financial Conduct Authority has been leading on.

In September last year, the FCA published an ethnicity action plan to hold itself accountable for progress and set an example to the firms it regulates.  

The regulator said it has a race and ethnicity network group called Spectrum which runs a series of events for staff in line with this year’s theme: Proud To Be.

Staff have the opportunity to hear from senior Black colleagues about their backgrounds and career paths, and attend presentations on Black scientists/inventors, the intersection of race and gender, and Black women leaders.

The FCA said as part of its initiative, it will also be highlighting some of its Black staff on its Twitter feed.

This comes as in August, the regulator wrote to the chairmen of remuneration committees at financial services firms, urging them to review pay data in light of diversity and inclusion and to act swiftly to address any disparities.

We need to do our part to make financial advice and a financial career more accessible, where everyone is safe and set up for success.SJP

The FCA reiterated that increasing diversity and fostering an inclusive environment, where every member of staff is valued for their contributions, was a key element of a healthy work culture. 

Prior to that, the City watchdog also proposed changes to its listing rules as a way of improving transparency on the diversity of listed company boards and their executive management teams. 

Elsewhere in the industry, St James's Place has signed up to initiatives such as the 1000 Black interns project, which aims to increase representation, raise visibility and help create future black business leaders. 

It said it had three interns join this summer through the project, spending eight weeks in its investment division.

The advice firm will also be holding a variety of events and sharing resources that focus on learning about what makes every person unique and celebrating these differences as strengths.

This includes sharing stories, panel discussions, spoken word showcases, networking quizzes, and sharing recipes and food stories from across the firm's community.

The advice giant is also a signatory of the BITC Race at Work charter, committing to increasing ethnic minority representation across the business to 10 per cent by 2023. 

The firm said: “We recognise the importance of increasing black and ethnic minority representation and inclusion at SJP. 

“We need to better represent the society we work in and clients we seek to serve; we need to have role models to help open the industry to diverse voices; and we need to do our part to make financial advice and a financial career more accessible, where everyone is safe and set up for success.”

Meanwhile, Quilter recently announced its commitment to the Halo Code for its recruitment and workplaces practices.

The Halo Code is a campaign pledge, signed by businesses and schools, that promises members of the Black community that they have the freedom and security to wear all afro-hairstyles without restriction or judgment.

We believe a diverse workforce can have a significantly positive impact on our success as a business, and it’s important to recognise, share and celebrate this with our colleagues.Succession

In celebration of its adoption of the Halo Code, Quilter invited colleagues to share photos of themselves to further raise awareness and support of the Code throughout the business.

The firm is also supporting Black Pound Day by encouraging employees to shop with locally run black-owned businesses.

Tosin James-Odukoya, head of inclusion and wellbeing at Quilter, said: “The Halo Code is arguably best known for helping put a stop to hair discrimination in schools, but studies have shown it is equally relevant to the workplace where people tend to bias towards western ideals of ‘neat’ or professional looking hair.

“Signing the code commits us to proactively taking a stand to ensure that nobody at Quilter faces barriers or judgments because of the natural texture of their hair. It’s also a further step to ensure all our colleagues feel they can bring their ‘whole selves’ into work and feel included.”

Likewise, consolidator Succession is running various initiatives to raise awareness and encourage colleagues to share their views about what Black History Month means to them. 

The Halo Code is arguably best known for helping put a stop to hair discrimination in schools, but studies have shown it is equally relevant to the workplace where people tend to bias towards western ideals of ‘neat’ or professional looking hair.Quilter

Helen Blackmore, group HR director at Succession, said: “At Succession, we bear a responsibility to lead on best practice on issues of diversity and inclusion, ensuring everyone feels their voice is heard within the business and importantly can bring their whole selves to work.

“In recognition of Black History Month, our D&I steering group have focussed on a number of areas. Firstly, in looking at the achievements and contributions of black British people in the UK, both past and present. We believe a diverse workforce can have a significantly positive impact on our success as a business, and it’s important to recognise, share and celebrate this with our colleagues.”

Blackmore said over the next few weeks, Succession will be speaking to some of its colleagues about what Black History Month means to them and learn about their experiences. 

“We believe this month is all about giving ourselves the focused opportunity to understand more about the achievements of those from African and Caribbean backgrounds, share knowledge and understand the impact of black history and culture.”

sonia.rach@ft.com

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