City watchdogs ditch ‘woke’ diversity drive

The UK’s top two financial regulators have abandoned plans to impose controversial diversity, equity and inclusion (DEI) measures on the sector.

Following a consultation, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) concluded that proposed new DEI rules would be ‘burdensome’ and decided to take them no further.

In 2024, the Bank of England – of which the PRA is a part – and the FCA were fêted by Stonewall for promoting LGBT ideology in the workplace.

‘Major win’

The Free Speech Union (FSU) welcomed the announcement as “a major win for workplace free speech”.

The new requirements, it said, risked creating “pressure to silence dissenting views, expand ideological training schemes, and punish employees for lawful but unfashionable opinions”.

In its experience of cases involving workplace DEI training, the FSU found that employees “have been penalised for rejecting ideological claims presented as fact”, particularly in the area of identity politics.

Identity politics

• 7 May 2020

‘Identity politics’ is a divisive ideology that has come to dominate public debate.

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Unworkable

Last year, moves to force barristers to promote equality, diversity, and inclusion were branded ‘woke’ and ‘dangerous’.

Top barristers Andreas Gledhill KC and Lord Wolfson of Tredegar KC wrote to the Chair of the Bar Standards Board in England and Wales to oppose the proposals, labelling them “coercive, illiberal, and dangerous”.

Akua Reindorf KC, a barrister who specialises in employment and discrimination law, and is a commissioner at the Equality and Human Rights Commission, believes the Bar Standards Board changes are not necessary as the existing core duty is already satisfactory in tackling discrimination.

Reindorf said: “I hate to use the word ‘woke’, but I am going to have to use it,” adding: “The whole thing to my mind is not workable”.