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.
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.
Entries are now OPEN for the PIMFA Diversity & Inclusion Awards 2025
Our awards highlight the fantastic work happening throughout our industry and recognise the inspiring individuals and teams who are leading the way in driving positive change to build a more inclusive sector and foster innovation.
You can view the categories and criteria here in preparation for submitting your entry or please click here to get started.
The Awards are FREE to enter and open to all firms and stakeholders within the sector – you do not have to be a PIMFA member to enter. You have until 11 June to complete your entries.
Winners will be announced at the awards ceremony in London on 16 October.
Click here for entry guidelines and further help and information.
Click here to see the winners and highlights from our 2024 Awards!
Update on the FCA’s D&I proposals
In a letter to Dame Meg Hillier MP, Chair of Treasury Select Committee, Nikhil Rathi, Chief Executive of the FCA has confirmed that, in light of the feedback received to the consultation on proposals to improve D&I in regulated firms, due to expected legislative developments and to avoid additional burdens on firms at this time, the FCA and PRA have no plans to take the D&I work further.
The FCA will continue to prioritise the work to tackle non-financial misconduct to improve outcomes for markets and consumers and reduce harm. The regulator believes that its approach needs to be proportionate and aligned with planned legislation and is taking some further time to get this right. The FCA will set out next steps by the end of June this year.
New protections from sexual harassment come into force
From 26 October 2024, new duty under the Worker Protection (Amendment of Equality Act 2010) Act 2023 requires employers to take “reasonable steps” to prevent sexual harassment of their employees. Employers now have a duty to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment has taken place, an employer should take action to stop it from happening again. This sends a clear signal to all employers that they must take reasonable preventative steps against sexual harassment, encourage cultural change where necessary, and reduce the likelihood of sexual harassment occurring.
Guidance for employers on developing appropriate plans and policies has been published by the Advisory Conciliation and Arbitration Service (Acas) and the Equality and Human Rights Commission. This includes what behaviour needs to be addressed and how complaints should be handled, to help employers protect their staff and avoid tribunals
