Culture, talent and inclusion (CTI) are business imperatives for investment management firms. Culture, talent and inclusion have a real impact on a company’s long-term reputation and sustainability.
It is the underlying culture that influences the way people think, act, and make decisions, which in turn impacts the inclusivity of an organisation and its talent more widely. Successful businesses create an environment where people want to work, where they feel challenged, able to use their talents, and are valued.
We want to create an equitable, diverse and inclusive UK investment industry at all levels. The Investment Association's (IA) CTI workstream captures initiatives that seek to support member firms across the whole employee lifecycle, from entry level talent to senior and c-suite roles. Importantly, this is all underpinned by equity, diversity and inclusion (EDI) considerations.
IA members can access the member-only Culture, Talent and Inclusion webpage, which acts as a resource platform for CTI related resources and policies.
The Investment Association’s CTI initiatives and resources
The IA's Talent Report
The IA’s annual Talent Report done in collaboration with PwC, provides the most comprehensive demographic snapshot of the UK investment management workforce.
The report:
- Captures data across multiple demographic characteristics
- Tracks trends in recruitment, progression, retention and pay
- Supports firms, policymakers and regulators with robust, evidence‑based insight
The Talent Report underpins much of the IA’s policy engagement on workforce, inclusion and employment regulation, and helps inform future industry practice.
The IA's 2025 Talent Report can be accessed here.
Investment20/20
Investment20/20, the IA’s talent solution, drives a forward thinking, responsible and inclusive investment industry where every firm attracts, develops and retains talented people from all backgrounds. Investment20/20 is focused on creating a more diverse and inclusive investment industry. It is driven to ensure: every individual has the capability to succeed and thrive; aspiring professionals can learn, grow and create value for the firms that seek to attract and retain them; and that workforces are truly reflective of the investors, communities and people we serve. More information can be found on Investment20/20 through their website here.
Wider CTI work
- Working with the Hampton-Alexander Review – to improve gender balance in FTSE 350 leadership
- Change the Race Ratio - The IA is a founding partner of Change the Race Ratio, a business led initiative to increase racial and ethnic participation in British businesses and help reach the Parker Review targets
- Institutional Voting Information Service (IVIS) – part of the IA, IVIS reports on diversity alongside all other fundamental corporate governance matters
External initiatives we’re encouraging the industry to support:
- Women in Finance Charter – this commits firms to helping women into senior roles by setting targets and reporting on progress.
We collect anonymous data on our employees’ ethnicity through our onboarding processes, we are really proud of our high disclosure rates.
Non-Financial Misconduct
Non‑financial misconduct is a growing regulatory and cultural priority for the investment management industry. Firms are increasingly expected to demonstrate robust approaches to preventing, identifying and addressing behaviours such as harassment, bullying and discrimination.
The IA’s work on non‑financial misconduct focuses on:
- Policy engagement with regulators and government on conduct frameworks and expectations
- Supporting firms to embed proportionate, consistent and fair approaches to behavioural standards
- Facilitating industry discussion on accountability, governance and cultural outcomes
We aim to support firms in strengthening workplace culture while managing regulatory risk and operational complexity.
Employment Rights and Workplace Reform
The UK employment law landscape is undergoing significant reform, with the Employment Rights Act introducing wide‑ranging changes to worker protections, employer obligations and workforce practices.
The IA’s work focuses on understanding and influencing the practical impact of the Employment Rights Act on investment management firms. This includes:
- Monitoring the development and phased implementation of reforms under the Employment Rights Act, including changes affecting dismissal rights, pay, leave and workplace protections
- Coordinating member engagement and industry input into government consultations and secondary legislation
- Assessing the operational, legal and cost implications of reforms for firms of different sizes and business models
Our focus is on ensuring that reforms introduced under the Employment Rights Act are clear, workable and proportionate in practice, and support sustainable workforce models while maintaining competitiveness across the UK investment management industry.
Pay Transparency and Workforce Pay Data
Pay transparency is becoming an increasingly important area of focus for firms, driven by regulatory developments, investor expectations and wider societal scrutiny and employee demands.
The IA supports member firms by:
- Monitoring developments in UK and EU pay transparency requirements
- Facilitating discussion on gender, ethnicity and disability pay gap reporting
- Using workforce data to inform evidence‑based policy engagement
Our work recognises the importance of transparency while highlighting implementation challenges and the need for consistent, proportionate approaches.
Member area
Members can visit the following pages to find out more about the IA's work on culture, talent and inclusion:
More information on the IA’s CTI initiatives is set out in our publications:
IA Talent Report: A Demographic Snapshot of the UK Investment Management Industry
November 2025
Underpinning other areas of work
Due to the impact and influence of culture on the way an organisation operates and interacts with consumers, it also underpins much of the wider work the IA does, including Corporate Governance.
FCA commentary and resources
Culture is at the heart of how the FCA authorise and supervise firms. The FCA defines culture as ‘the habitual behaviours and mindsets that characterise an organisation’
Recognising that it is not possible to assess mindsets and behaviours directly, they have identified four key drivers of behaviour which firms can identify and manage:
• Purpose
• Leadership
• Approach to rewarding and managing people
• Governance
FCA Resources
- Culture and governance page
- Leadership and management capabilities expert page
- Psychological safety expert page
- DP 21/2: Diversity and inclusion in the financial sector – working together to drive change
- Senior Managers & Certification Regime expert page
- Remuneration expert page
- Inside FCA Podcast: Interview with Jonathan Davidson and Jayne-Anne Gadhia on Culture and SM&CR
- The Transforming Culture Conference summary
- DP18/2: Transforming culture in financial services
