Culture, diversity and inclusion

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This overview is a guide to the Lexis+® UK Financial Services content within the Culture, diversity and inclusion subtopic, with links to appropriate materials. 

Overview

The regulators consider that culture is both a major driver and potential mitigant of risk. The primary aim of the Senior Managers and Certification Regime (SM&CR) is to drive cultural change in the financial services industry through individual accountability. One of the primary objectives of the FCA and PRA’s September 2023 proposals on diversity and inclusion (D&I) is to achieve healthy cultures. The D&I proposals are part of the FCA’s and PRA’s wider focus on Environmental and Social Governance (ESG) within the financial services industry.

Culture

Embedding healthy cultures is a key supervisory priority. The regulators’ focus on culture and the role of the SM&CR in improving culture in financial services is addressed in Practice Note: Culture in financial services firms—essentials. This examines, in turn, the FCA’s so-called ‘cultural levers,’ which the FCA suggests can

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Latest Financial Services News

Financial Ombudsman Service reports continued fall in new cases in Q2 2025/26

The Financial Ombudsman Service (FOS) has reported a continued fall in the number of new cases it received in the second quarter of 2025/26. Between July and September 2025, the FOS received 46,300 new complaints, a decrease of more than a third compared with 73,700 in the same period of 2024/25. The drop follows the introduction of case fees for professional representatives earlier this year.

OFSI issues general licence permitting payments by designated Iranian entities

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/7628424 under Regulation 40 of The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, permitting designated Iranian entities to make specific payments in the UK. The licence, effective from 23 October 2025 to 22 April 2026, applies to five Iranian financial institutions including Bank Melli, Bank Saderat Iran, Bank Tejarat, Persia International Bank Plc, and Iran Insurance Company. Permitted payments include remuneration, allowances and redundancy payments to UK employees and directors, pensions, IT services fees, and UK chartered accountancy services costs. All payments must be made to accounts held at relevant UK financial institutions, with monthly reporting requirements to HM Treasury within 14 days of each calendar month end. OFSI updated the licence on 28 October 2025 to amend and simplify the definitions of UK employees and UK directors, providing additional clarity regarding which individuals may receive payments under the licence.

Financial Services—other developments (28/10/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

PRA publishes near-final policy statements on SDDT capital regime, CRR restatement and Pillar 2A methodology retirement

The Prudential Regulation Authority (PRA) has published policy statement PS20/25—The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs)—near-final, alongside PS19/25—Restatement of CRR requirements—2027 implementation and PS18/25—Retiring the refined methodology to Pillar 2A—near-final. The PRA also updated supervisory statement SS31/15—The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP) and statement of policy SoP5/15—The PRA’s methodologies for setting Pillar 2 capital to reflect changes to Pillar 2A methodologies and the retirement of the refined methodology. The implementation date for final rules and policy materials is 1 January 2027, and firms eligible for the SDDT regime must notify the PRA of their intent to opt in by 31 March 2026.

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