Equality, diversity and inclusion (EDI) initiatives have improved innovation and employee engagement at Chartered Financial Planning firms, according to a survey by the CII.

In 2019 the CII made it an obligation for firms to have an EDI policy as a requirement for achieving Corporate Chartered status.

The professional body surveyed its 785 Chartered Firms to understand the impact these EDI policies have had.

EDI policies had led to decreased salary discrepancies, a more representative workforce and more representative senior leadership teams, according to the report.

Vivine Cameron, equality, diversity and inclusion manager for the CII, said: “These data clearly show the positive benefits that firms can enjoy from prioritising the incorporation of EDI practices.

“The CII encourages and champions the adoption of equality, diversity and inclusion across the insurance and financial sectors. Creating a safe space for all will drive our profession forwards, allowing businesses to thrive and reap the many benefits associated with having a diverse workforce.”

The most widely adopted EDI practices across firms were said to be ‘family and carer friendly policies’, with 87% of respondents saying their firm had implemented them to a ‘moderate or great extent’, a 5% increase since 2021.

Other widely adopted practices included ‘leaders role modelling an inclusive culture throughout the organisation’ (82%), ‘senior leaders being accountable for EDI, with responsibilities cascaded through all levels’(77%), and ‘leaders supporting positive actions to address disadvantages faced by individuals with protected characteristics’ (71%).

The least widely adopted EDI practices were the systematic collection of diversity data (27%), the measurement of progress against diversity targets (27%) and establishing People Networks to inform business decisions (25%).