The UK’s business secretary said he was concerned about too many rules in financial services and warned that cultural issues should not get in the way of growth.
Speaking at TheCityUK International Conference, Kemi Badenoch said her job often involves “killing bad ideas”.
This includes writing to Britain’s financial regulator to warn against proposed compulsory ethnic quotas, which the law says “does not require and would be counterproductive.” There is a possibility.”
“These so-called cultural issues have a bigger picture impact than we realize,” Badenoch told the audience.
One in 10 black, Asian or other minority ethnic staff holds a managerial role at British financial institutions, according to a letter sent to the Financial Conduct Authority (FCA) in December by a major UK investor. There is.
They called on the FCA to introduce mandatory racial pay gap reporting, arguing that this is a step that would encourage further action to create a fairer workplace.
The FCA is currently consulting on proposals to increase diversity and inclusion in UK financial services.
Ms Badenoch said she had opposed compulsory ethnic pay reporting “dozens of times”, adding: “People want us to introduce these things and I say no.” Ta.
Meanwhile, Mr Badenoch referred to his background in banking and consulting, having worked as a systems analyst at the Royal Bank of Scotland before pursuing a career in politics.
“When I say that the regulatory burden has become too high under successive governments, I’m not speaking from theory, I’m speaking from personal experience,” she said. .
The Tory MP said it gave rise to her “strong aversion to burdensome, difficult and often unnecessary regulations”.
Mr Badenoch said: “We are concerned about the tendency to promote well-intentioned but counterproductive measures that stifle growth, productivity and innovation.”
He added: “Regulation ranges from fraud and systemic failure protection to diversity to green finance, and this growing trend of micromanagement does not necessarily make us or our financial markets stronger.” he added.
