activities in the non - bank financial system over the next year, to consider potential systemic risks posed by : the investment activities of open - ended investment funds and hedge funds ; securities financing transactions ; the nontraditional, non - insurance and investment activities of insurance companies ; and derivative transactions. these reviews will complement the committee ’ s annual stocktake of risks outside the core banking system. ” in the rest of this lecture i am going to focus on deposit takers and, to a lesser extent, insurance firms, which are the sectors most subject to regulatory reform to date. i should note that insurance represents a very large part of the pra ’ s activities – at the end of the financial year 2014 / 15 the pra had around 550 front - line supervisors and risk specialists working on various deposit taking firms compared with over 300 on insurance firms. most of the regulatory reforms that the pra are implementing have not actually originated in the pra itself. rather, they have arisen from a variety of external sources. some are uk initiatives : for example, the new senior managers regime and senior insurance managers regime implement the recommendations of the parliamentary commission on banking standards ( pcbs ) and the structural reform of the major banks ( ring - fencing ) emerged from the independent commission on banking ( icb, also known as the “ vickers commission ” ). a number of key reforms are european initiatives such as the solvency ii regime for insurers. the banking capital regime, crdiv, is a european implementation of agreements made in the global basel committee on banking supervision ( bcbs ). the development of international insurance standards is being driven by the financial stability board ( fsb ) via the international association of insurance supervisors ( iais ). the uk authorities, including the bank of england and pra, play a full part in negotiating these reforms, so i wouldn ’ t claim that they are entirely external, even though there are usually aspects of the final agreements which represent the middle ground in negotiations. the main point i want to make here is that, even though there are international agreements arising out of the alphabet soup of committees, most of these initiatives require detailed interpretation, rule - making and implementation by the pra, even after transposition into eu or uk law. since the pra was created in april 2013 ( to 30 september 2015 ), i count that the pra has issued 70 consultation papers, 82 supervisory statements or updates thereof and 44 policy statements setting out final rules. the uk financial

more, broader, market participants means a wider range of potential employment opportunities for those keen to join the market. workforce diversity differs across sectors ( figure 4 ) and across firms within sectors. but it also means that service providers need to get better at relationship management, investing more in understanding increasingly diverse customer needs. it is striking, for example, that portfolio managers in asia are twice as likely to be female ( figure 5 ) ; and the gender mix of retail fx trading in europe – a rapidly growing market segment – is approaching 50 / 50 ( figure 6 ). it would be too simplistic to say that service providers need to be as diverse as their customer base. 14 but recruiting from a broader diversity pool and hiring people with different life experiences helps firms understand the mindset of their clients better, improving customer engagement and ultimately increasing returns. https : / / newfinancial. org / wp - content / uploads / 2016 / 06 / women _ in _ uk _ finserv _ 2016 _ final. pdf see for instance, p. 11 of the 2016 cfa report on gender diversity in investment management at : https : / / www. cfainstitute. org / en / research / survey - reports / gender - diversity - report all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx figure 5 : female representation in portfolio management by region15 figure 6 : gender breakdown of retail fx traders16 my final point is on culture. public authorities and firms right across the financial spectrum have put an enormous amount of effort into culture change in recent years. painful fines and enforcement actions have led to intense scrutiny of internal conduct. over 330 firms have signed the uk women in finance charter, committing themselves to supporting the progression of women into senior roles, setting and publishing progress against gender diversity targets, linking senior executive pay to those targets, and appointing a named senior executive to be accountable for gender diversity. 17 and the fx global code that i mentioned earlier has introduced clearly defined standards demonstrating which behaviours are no longer acceptable, rebuilding trust in the market and removing obstacles to open, non - biased recruitment. these higher ethical standards will make the sector more accessible and inclusive, improving the number of opportunities, but also strengthening the appeal of working in the fx market. https : / / www. oliverwyman. com / our - expertise / insights / 2016 / jun / women - in - financial - services