PIMFA
Welcome to the PIMFA Talent, Inclusion, Diversity and Equity (TIDE) website - a one stop shop for everything in these areas.
PIMFA is committed to promoting Talent, Inclusion, Diversity and Equity (TIDE) within the wealth management and financial advice industry.
What is Talent?
Talent is a special ability, a natural aptitude that someone has that leads an individual to success.
Why is Talent so important?
Talent helps build successful workplaces with skilled employees. Good talent management will ensure that companies achieve high employee retention rates and will help employees develop their full potential.
What is Inclusion, Diversity and Equity?
Inclusion is about creating an inclusive culture and a sense of belonging in a workplace where everyone can contribute and be valued.
Equity is about creating opportunity and advancement for everyone. It is about ensuring that all individuals have equal opportunities to succeed, and it prevents individuals from being discriminated against or treated differently.
Diversity is about the acceptance and inclusion of employees of all backgrounds. It means diversity of gender, race, ethnicity, age, language, education, sexuality, background, etc. Diversity and inclusion are essential for healthy firm cultures, enabling firms to deliver better outcomes for consumers and markets.
Make it
As part of our ongoing work, our ‘make it.’ campaign is dedicated to changing perceptions and encouraging an exciting and diverse mix of new talent into our industry.
What else has PIMFA been doing in this area?
Working across the industry with numerous partners, PIMFA has created various initiatives such our long-standing Women in Wealth Forum, the Authentic Leadership Programme and our Career Masterclasses to inspire, empower and educate – while also helping address and tackle barriers in our industry. In May 2021 we also launched our first ever Diversity & Inclusion Awards to recognise firms developing positive inclusive cultures.
We are proud to work with a number of partner organisations including, Financial Services Skills Commission, Chasing the Stigma, Women Societies Alliance, LGBT Great, for whom PIMFA’s Chief Executive Liz Field is a member of Project 1000 and an LGBT Great Ally.
We have worked closely with CISI on their school leavers programme, City Hive and also the EY Foundation on their Sustainable Futures programme in wealth management. Previously we partnered with leading City of London Social Mobility Charity, The Brokerage to run career masterclasses.
2024 PIMFA D&I Awards Ceremony
Congratulations to all our amazing winners of the 2024 PIMFA Diversity & Inclusion Awards!
And a huge thank you to everyone who joined us at the Intercontinental Park Lane on 10th October, you made the evening truly special as we honoured outstanding achievements in diversity, inclusion, and equity across our industry.
Click here to see the winners and highlights from the night!
EY Foundation Sustainable Finance Futures - Building a diverse talent pipeline for the Wealth and Asset Management sector
The EY Foundation is running their third Sustainable Finance Smart Futures, an 8-day employability programme for young people aged 16-17 from low-income households, with ambitions to work in Wealth and Asset Management.
Thanks to funded places, they are inviting new organisations to join their programme and experience the benefits employers have reported from working with talented young people. This is a fantastic opportunity for firms to connect to diverse young talent, raise brand awareness with future employees and customers, support DE&I and ESG goals, while also providing valuable volunteering opportunities.
What does it involve?
Hosting a small group (2-5) of young people for a 3-day work experience placement
Firms will be fully supported by the EY Foundation, who do all the heavy lifting and provide young people with laptops.
Volunteering
Firm’s staff can join in as expert speakers, mock interviewers, and mentors as young people take the first steps in their careers.
So far the Foundation has been delighted to work with James Hambro, Handelsbanken Wealth and Asset Management, Citco, Brooks Macdonald, and Raymond James on our programmes and are keen to introduce young people to more employers in this sector.
Click here to find out more or contact Nia Lonergan.
CP23/20: Diversity and inclusion in the financial sector – working together to drive change
In September 2023 the FCA consulted, alongside the PRA, on proposals to introduce a new regulatory framework on Diversity and Inclusion (D&I) in the financial sector. The regulator considers that greater levels of diversity and inclusion can improve outcomes for markets and consumers by helping reduce groupthink, supporting healthy work cultures, improving understanding of and provision for diverse consumer needs, unlocking diverse talent and supporting the competitiveness of the UK’s financial services sector. The FCA has been clear that diversity and inclusion are regulatory concerns. The proposed framework would establish minimum standards and give firms a better understanding of what is expected of them in this area from a regulatory standpoint. It would also help ensure greater consistency and transparency across the sector on firms’ approaches to diversity and inclusion.
PIMFA provided a response to the FCA Consultation Paper Diversity and inclusion in the financial sector – working together to drive change (CP23/20). We welcomed the regulator’s proposals contained in the consultation paper which are clearly aimed at achieving faster and more measurable progress on diversity and inclusion in the financial services sector but also outlined the challenges where the sector has identified them and adjustments that may have to be made to help firms achieve meaningful change.
