Culture, Talent & Inclusion is a core policy area for the IA. Our work focuses on the people within the business and supports members to build strong, high-performing cultures and future-ready workforces in an increasingly dynamic operating environment. Our work helps firms to attract and retain talent, adapt to change and deliver better outcomes, while embedding inclusive practices that strengthen performance.
Our key priorities are to:
- Support firms to build healthy cultures that drive strong behaviours and decision-making;
- Enable members to attract, develop and retain talent across the full employee lifecycle;
- Engage on workforce-related regulation, including employment rights, non-financial misconduct and pay transparency;
- Provide data and insight on workforce demographics, progression and inclusion across the industry;
- Share practical guidance and good practice on inclusion, wellbeing and talent development;
- Help firms adapt to changing workforce expectations and future skills needs;
- Advocate on behalf of members with regulators, policymakers and key stakeholders.
Our CTI initiatives and resources
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 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.
Non‑financial misconduct is a key 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.
SM&CR
The Senior Managers and Certification Regime (SM&CR) is the UK’s framework for strengthening individual accountability and raising standards of conduct across financial services. While its core principles remain unchanged, recent reforms are focused on making the regime more proportionate, streamlined and effective for firms.
The IA has developed its SM&CR expert page to support members in navigating evolving expectations on accountability, conduct and culture.
Following the April 2026 reforms, and with further changes continuing through 2026, the page provides a central hub for regulatory updates, IA guidance and practical insight, particularly in relation to non-financial misconduct and fit and proper assessments.
It highlights how SM&CR is increasingly being used to reinforce strong workplace cultures, strengthen governance, and support more consistent approaches to managing behavioural risks.
Pay transparency is an increasingly significant area of focus for investment management firms, driven by regulatory change, investor and client expectations, and growing employee and societal scrutiny. Recent developments, including the implementation of the EU Pay Transparency Directive and the UK Government’s confirmation that ethnicity and disability pay gap reporting will become mandatory, are raising the bar on transparency, governance and data quality.
The IA supports member firms to navigate this evolving landscape by:
-
Tracking and analysing UK and EU pay transparency developments, including the implications of the EU Pay Transparency Directive for globally headquartered firms
-
Facilitating discussion and knowledge‑sharing on gender, ethnicity and disability pay gap reporting, including emerging expectations and good practice
-
Using workforce and pay data to support evidence‑based policy engagement with government, regulators and other stakeholders
Our work recognises the value of transparency in driving fairer outcomes, while also highlighting practical implementation challenges, including data limitations, methodological consistency and proportionality, and the importance of clear, aligned and workable regulatory approaches.
Investment20/20 drives a forward looking, inclusive and resilient investment industry.
We shape a future-ready investment industry through learning, community and purpose.
Founded by the industry, for the industry, we have supported over 3000 young professionals to join the industry and develop the skills, and community, to support them in building a career.
Our recent publications
Conduct in Financial Services: Practical Insights and Learnings
February 2026
Conduct and ethical standards remain a core priority for investment management firms, with substandard behaviour, whether deliberate or inadvertent, posing risks to clients, markets, employees and firm reputation.
While regulatory approaches vary, there is broad alignment in expectations around behaviour, accountability and culture. Although focused on the UK, the themes explored in this publication reflect common challenges and approaches across global firms.
This resource draws on real-world experience supporting financial institutions on conduct, ethics and culture. It is designed to provide practical insights for members across Conduct, Compliance, HR, Legal, Risk and Governance functions, helping firms strengthen their frameworks and respond to evolving regulatory expectations.
IA Talent Report: A Demographic Snapshot of the UK Investment Management Industry
November 2025
Now in its third year, the Investment Association’s 2024 report presents demographic data on UK investment management employees, combining survey responses, interviews, and third‑party data to analyse the industry’s workforce profile and how firms are responding to year‑on‑year trends. It examines the types of data firms collect, shifts in employee response rates, evolving approaches to equality, diversity and inclusion, and how these measures develop over time. The findings draw on questionnaire responses from 45 firms employing around 29,000 people in the UK, alongside qualitative insights from industry working groups, HR and talent leaders, CEOs, and interviews with participating firms.
Culture: A Practical Framework for Enduring Change
November 2025
Designed as a practical resource for organisations seeking to better understand and oversee culture, this guide combines industry experience, emerging insights and real-world examples to help firms measure culture in a meaningful way. Rather than prescribing a single approach, it offers a flexible framework and toolkit to support cultural assessment, monitoring and positive change.
Additional reports and publications
Stay informed on industry policy updates
Consultation Tracker
Stay informed about the latest Culture, Talent & Inclusion consultations by exploring the Consultation Tracker, where you can view current consultations and have your say.
Circulars
Read our latest Culture, Talent & Inclusion circular to discover key updates, initiatives, and opportunities that support our people and workplace culture.
