Microsites

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

Now in their fourth year PIMFA’s Diversity & Inclusion Awards seek to highlight the many instances of good practice which remain hidden or unrecognised within our industry. Businesses both large and small will have examples of innovation aimed at improving their inclusivity and performance, which in turn drives positive change across the industry.

This is an opportunity for firms to highlight where they are on their journey of embedding D&I within their firms and there are a couple of individual categories too to celebrate the exceptional, diverse talent coming up through the ranks in our industry that is changing businesses for the better or leading from the top.

As in previous years, the awards are free to enter and open to all Financial Conduct Authority (FCA) registered firms within the wealth management, investment services and the financial advice industry and stakeholders in the sector – you do not have to be a PIMFA member to enter. The closing date for entries this year is 14 June 2024 – full information and entries can be submitted here

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.

Read the full response now.

CLICK IMAGE TO ENLARGE

PIMFA itself has been a proud signatory to HM Treasury’s Women in Finance Charter since 2017.