The Bateman Collins Group is delighted to present our diversity research findings. Building societies form a critical component of the financial services sector and are under increasing pressure to prioritise and improve Diversity and Inclusion. Whilst many firms have developed their own strategies, targets and commitments, the increasing focus from the regulators (Bank of England, PRA and FCA) will set new standards and expectations on firms.
The recent consultation paper (CP23/20) in September 2023, to consult on proposals to introduce a new regulatory framework on diversity & inclusion in the financial services sector, has been developed to achieve greater diversity and inclusion; to ‘improve outcomes for consumers and markets by reducing group think, supporting healthy work cultures, unlocking diverse talent and improving understanding of and provision for diverse consumer needs.’
The purpose of this report is to examine the progress which the building society sector has made in relation to diversity and inclusion. The report details our findings and includes:
- Introduction to the Building Society Sector – an introduction to the sector and a review of the challenges facing the sector.
- Context, Criticality & Recommendations – the importance of diversity for the building society sector, wider ESG context, framework, and recommendations from the FTSE Women Leaders and Parker Reviews.
- Diversity Insight – the achievements and progress which building societies have made in developing and implementing diversity and inclusion strategies at board director level, senior management level and across all employees.
- Methodology & Conclusions – an overview of the methodology, along with conclusions, recommended actions, and limitations of the report.
We are delighted to present our findings and welcome further discussion to help firms meet their regulatory and legal obligations, whilst developing a progressive approach to diversity and inclusion. We are committed to helping firms deliver best outcomes for customers, unlock diverse talent, create positive work cultures, and reflect the communities in which they serve.
I would like to thank all those who have contributed to the research; to Debbie Crosbie for her foreword, and to our teams, partners, customers, and advisors, without their continual dedication this report would not have been possible.
Barney Collins
Chief Executive
Bateman Collins Group
