30th September 2021

FCA exploring more impactful alternatives

As reported in Bento 1262 on 7^th August, we received tip-off from an FCA mole that the FCA had put into action their ‘Ethnicity Action Plan’ which focusses on refreshing Unconscious Bias training, exploring more impactful alternatives and rolling out the workshops across the organisation to support the changes they want to see.  

These workshops focus, we understand, on White privilege and Micro-aggression and have been running since January 2021, 

On 22 June 2021 some 333 had been through this course with more to follow and soon it will be some 10% of the workforce. At this stage ‘all’ senior leaders and managers have been invited to attend they say. 

With this directive in mind, I sent of an FOI request and the reply we got confirmed this is true.  However, their reply raised more questions than it answered so as a result I asked for some further clarification and this week their reply came through. There are some very interesting admissions to dwell upon. 

For questions 1 & 2  

Q1 - Could you please confirm the internal cost per employee [of the FCA’s workshops on white privilege and micro-aggression]?

As you can see from their response in the link above, the FCA do not class time as an internal cost, but time is money.

Q2 - I would be grateful if you could confirm how you measure inclusion, what metric is used and is a financial value attached to this? 

The FCA failed to explain how they can measure whether their courses improve inclusion as they use ‘fairly’ as a term of measurement. 

The fact that Q3 to 8 could not be answered should be of great concern to all regulated firms who pay FCA fees. I asked: 

Q3 With the benefit of hindsight, would you please confirm what regulatory failings could have been prevented by [inclusion workshops and] Unconscious Bias Training courses (UBT) since April 1st 2013?

Not any idea at all 

Q4 - With the benefit of hindsight, what consumer detriment could have been prevented by [inclusion workshops and] Unconscious Bias Training (UBT) courses since April 1st 2013? 

Not any idea at all

Q5 - How has the integrity of the UK financial system been enhanced by [inclusion workshops and] Unconscious Bias Training (UBT) courses? 

Not any idea at all

Q6 - How much more effective has competition in the interests of the consumer been enhanced by [inclusion workshops and] Unconscious Bias Training (UBT) courses?

Not any idea at all

Q7 Why are these courses still being run given the government directive that such courses were to be scrapped?

Not any idea at all

Q8 How did you assure the quality of unconscious bias training as there is no recognised way of assuring such quality according to the Government? 

Not any idea at all

In a written Ministerial Statement on Unconscious Bias Training (UBT) in December last year the Government stated that “Unconscious bias training typically aims to raise awareness of the potential biases and cognitive shortcuts that may negatively affect decision-making and behaviour in the workplace” was to be scrapped for all Civil Servants.

Government-speak for it’s a complete waste of time and money.

If ever there was an example of regulated firms time and money being wasted on ‘woke correctness’ one would be hard pushed to find it. If the only reason to do it is to tick a box marked inclusivity and you don’t know how to measure the success of such training, don’t bother doing it.

The government was correct “there is no recognised way of assuring the quality of unconscious bias training”. Additionally, there was “no conclusive proof that it changes behaviour or improves workplace equality in the long term”. 

This is just another example of why the FCA should be answerable to the Government on their use of spend given their incongruous actions and unwillingness to apply a value to their senior leaders and managers time.

FCA, please take note!

FSA/FCA, Panacea Comment, Regulation