KPMG chief Bill Michael stepped down from his post in 2021 amid controversy over his comments about «unconscious bias»
In In 2021, Bill Michael, the head of KPMG, resigned after an angry outburst in which he said unconscious bias was «total crap», sparking a backlash from employees who argued that abandoning the concept was «reckless» «and reflected his own views. privilege.
He later apologized for his comments.
The PRA and the Financial Conduct Authority (FCA) said the proposed new rules would help create a healthy work culture, reduce groupthink and unleash talent.
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Sam Woods, chief executive of the PRA, said: “Diversity and inclusion play an important role in guarding against groupthink within firms. Stronger diversity and inclusion should also make companies more competitive, allowing them to attract a wider pool of talent.
“The proposals set flexible, proportionate minimum standards to raise the bar by placing more demands on larger firms.”
Earlier this week, The Telegraph reported that the FCA was preparing to launch a workplace misconduct probe following sexual harassment allegations against hedge fund tycoon Crispin Odey. Mr Odey «vigorously disputed» the allegations.
The proposed reforms also include new rules and guidance clarifying how «non-financial misconduct» such as harassment and intimidation are part of the regulator's «approach». «and proper» test for financial services employees.
James Alleyne, legal director at law firm Kingsley Napley, said: “Regulated firms and individuals should be in no doubt that this represents a big shift in FCA methods. will monitor and potentially impose sanctions on representatives of the financial community.”
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