IA's Karis Stander: Industry has to 'drive forward' on diversity in wake of Crispin Odey scandal
Karis Stander (pictured), director of the culture, talent and inclusion team at the Investment Association.
Concerns about the pace and efficacy of D&I proposals were flagged by various industry bodies last month (16 November), following a year of high-profile diversity scandals.
In June, the FT reported that the eponymous founder of Odey Asset Management, Crispin Odey, had allegedly engaged in decades of sexual misconduct.
The Odey Asset Management founder has reportedly denied the allegations in all cases but one, where he admitted to sexual misconduct against a former female employee in 2005, stating that, at the time of the incident, he was under strong medication following a root canal procedure.
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In the immediate aftermath, the Financial Conduct Authority confirmed it had opened investigations into both Odey and his former firm in mid-2021.
Additionally, the regulator faced widespread criticism about its existing guidelines and capabilities to address non-financial misconduct cases, with various law firms questioning the FCA.
The FCA, alongside the Prudential Regulation Authority, unveiled a consultation paper in September to examine the state of diversity and inclusion in the financial sector and to «clarify and enhance regulators' expectations around non-financial misconduct».
According to the FCA, the paper «reflect[ed] the increasing recognition of the need to improve D&I outcomes within regulated firms and accelerate D&I change across the financial sector».
During the summer, the government also stepped up its scrutiny of gender-specific inequality in the financial sector, with the launch of a new inquiry into sexism in the City by the Treasury
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