The pair had both consulted in parallel with industry on proposed rules and expectations that sought to improve D&I at firms that fall under their remits.
The FCA said: “In light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time, the FCA and PRA have no plans to take the work further.”
FCA drops plan to name and shame firms under investigation
Imogen Makin, counsel at the international law firm WilmerHale, said the regulator’s recognition that the existing rules cause a burden on firms is “welcome”.
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