City watchdogs axe proposals for new diversity and inclusion rules

In a letter to Commons Treasury Committee chairwoman Dame Meg Hillier, PRA chief executive Sam Woods said: “We continue to think that an appropriate focus on diversity and inclusion in the culture of the firms we regulate can deliver improved internal governance, decision-making and risk management, and that this can support both safety and soundness – through reduced risk of group-think – and the competitiveness of UK financial services over the medium to long-term.”