FCA chief executive Andrew Bailey has delivered a keynote speech on the ‘wealth of diversity’ - urging more organisations to follow the FCA’s lead in increasing representation of women and minorities.

The Investment Association, the fund managers’ trade body, has appointed four new board directors - including three women - to help improve gender diversity in a sector which has been criticised for being male dominated.

The Financial Conduct Authority has today been recognised as one of the best organisations in the UK for race equality despite recently missing its own targets for diversity among its senior management team.

The FCA says it is disappointed it has so far failed to reach its own targets on appointing women and ethnic minority people to senior roles.