Kemi Badenoch has attacked plans by the City regulator to set diversity targets for finance companies, arguing the proposals are counterproductive and will stifle Britain’s growth. The Business Secretary, who is responsible for setting rules for UK companies, has written to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) urging them to rethink the proposals. Both regulators want financial firms to set ambitious targets for gender diversity but Ms Badenoch, who has spoken frequently of her opposition to greater compliance demands for firms, said they went too far. Speaking in the City of London on Wednesday, she said: “My role as minister for women and equalities in particular often involves the killing of bad ideas. “Sometimes it means doing things like writing to the FCA and PRA as I did a few weeks ago, warning them against their proposed mandate of equality quotas, something the law does not require and could be counterproductive.” In the letter addressed to Nikhil Rathi, chief executive of the FCA, Ms Badenoch said she was concerned about “regulatory overreach” from the agency. She wrote: “Far from being a central part of the FCA’s objectives, the proposed requirements will be a distraction which...