27 July 2023
We have published the feedback report from our recent consultation on proposals for regulatory requirements on Diversity Equity and Inclusion (DEI).
The consultation sought views from members, employers, regulators, and other key stakeholders, on how we formalise DEI in our regulatory framework. IFoA Regulatory Board carefully considered all consultation responses received.
The resulting changes to the Code reflect our commitment to carrying out our regulatory role in a way that promotes DEI. It also reflects our ambition to support a more equitable profession, by applying standards that set high expectations of personal behaviour, and to protect the reputation of the profession.
The report sets out the planned changes to the Code, alongside any feedback that we have consent to publish, and the Regulatory Board’s discussions and decision making based on the consultation responses.
The feedback report captures the broad range of detailed consultation responses. These responses enabled the Board to focus on key concerns for members and how best to address those, and to balance the diversity of views with the leadership approach required by the Board’s public interest remit.
The report sets out the proposed changes to the Code and how the Board has decided to amend the proposals in response to consultation feedback. These amendments include the removal of terms and phrases that respondents flagged as challenging to interpret or of concern.
We understand that bringing DEI values into our professional lives can be complex and, sometimes, contested.
To make sure you have plenty of time to consider and adjust to the changes to the Code, we have designed a long running implementation process. This will include a series of webinars, publication of resources and other opportunities for you to learn more about the changes and their implementation and to ask us any questions that you might have.
We aim to publish the new guidance for the Code towards the end of this year and implement the changes to the Code at the end of Spring 2024.
We would like to thank everyone who took part in the consultation.