PIMFA publishes Diversity & Inclusion reports as it extends deadline for entries to this year’s D&I Awards

10 June 2022

PIMFA publishes Diversity & Inclusion reports as it extends deadline for entries to this year’s D&I Awards

PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, has today published two reports to support firms in improving Diversity & Inclusion across the industry in collaboration with Cicero/AMO.

The first report: The Regulatory Case for a more Inclusive and Diverse Industry outlines regulatory expectations of the Financial Conduct Authority (FCA) as they are expected to be applied to the wealth management and advice industry in the future. It draws several important conclusions about the need to improve diversity and inclusion within the industry and the regulatory and commercial reasons for doing so.

The second report: Best Practices for a more Inclusive and Diverse Industry, draws on the experiences and work being carried out already by firms across the financial services industry, including many firms who were represented or won awards at PIMFA’s first annual Diversity & Inclusion Awards last year. The paper contains case studies of best practice from across the industry and a series of recommendations on how to improve or start your firm’s journey towards improving, diversity and inclusion within your organisation.

The reports come as PIMFA also announces that the deadline for entries to this year’s Diversity & Inclusion Awards has been extended until 22 June due to popular demand.

The awards, supported by Royal London, Interactive Investor, Sesame Bankhall Group, Raymond James, Clearstream, Morningstar, SEI, Charles Schwab, FIS and Howden, have been created to showcase the fantastic work being carried out across the industry that may otherwise remain hidden while also providing inspiration and practical ideas for firms regardless of what stage they are at on their D&I journey.

They are also an excellent opportunity for firms to gain recognition and acclaim for the work they have conducted over the last 12 months to improve Diversity & Inclusion within the industry with a gala dinner and awards ceremony taking place on 19 October.

Liz Field, Chief Executive of PIMFA, commented: “We are really excited to be holding our Diversity & Inclusion Awards again this year. The standard of entries so far has been very high, but I want to encourage as many firms to enter as possible. So, we have taken the decision to extend the deadline by a few weeks to give everyone that wants to the chance to enter. Even if you entered last year, I would encourage you to do so again.

“The two papers we have published today set out much that we at PIMFA have learnt in the past year from our colleagues in the industry and their submissions to last year’s awards as well as our ongoing conversations with the Regulator.

“Inclusion and Diversity are hugely important to the ongoing success of our industry, and I’m hugely encouraged by the response there has been from firms to understand how they make their organisations more diverse and inclusive going in many cases well beyond the recently announced minimum requirements set out by the FCA for listed firms. I hope we continue to learn from each other and keep pushing forward so that we better represent the society we serve.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA  leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments. 
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225