The index will measure a number of factors - such as ownership structure, size and geography - across the UK mortgage, savings and current account markets. It will also provide an overall measure of diversity in each of these markets. It is intended the research will be published this winter, with the index then updated annually to assess how diversity is changing.
A recent report from the All Party Parliamentary Group for Building Societies and Financial Mutuals set out a number of recommendations to the Government to help fulfil their pledge to promote diversity. One of the recommendations of this group was for a Government endorsed diversity index.
Commenting, Adrian Coles, BSA director-general, said: “The independent diversity index which the BSA has commissioned Oxford University to develop is intended to assist the Government in meeting its commitment to promoting diversity, and should be of interest to all those who want to see a healthy and robust financial services sector.”
