We have responded to two consultations run by the financial regulators, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). We’re concerned that the proposals will force regulated firms to embed politically contentious diversity and inclusion policies deeper into their businesses. We have shared with both regulators our first-hand experience of the chilling effect on free speech that diversity and inclusion initiatives have already had for employees of these firms, not least the de-banking of Nigel Farage at Coutts. The FCA consultation proposes requiring firms to treat a “lack of diversity and inclusion” as a new “non-financial risk”. Our response to the FCA consultation has been submitted via its online portal, but we have published the letter that we sent to the PRA below.