FCA publishes data on progress toward diversity targets and gender pay gap

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The Financial Conduct Authority (FCA) has today published a package of information on the progress the organisation is making towards achieving its diversity targets and details of its gender pay gap.

The FCA has set a target of 45 per cent of its senior leadership team identifying as female by 2020 and 50 per cent by 2025 as part of its commitment to the Women in Finance charter.  Progress towards the target is reported annually as at 31 March. For 2017 the FCA’s senior leadership team is 36 per cent female, which has fallen from 39 per cent in 2016. 

Under new legislation organisations must publish gender pay gap information on an annual basis.  Using the required legislative calculation, the FCA’s mean gender pay gap is 19.28 per cent and the median gap is 20.91 per cent.  This reflects relatively fewer women in more senior technical and managerial roles and the higher proportion of women at administrator level. This is not an equal pay issue; the FCA’s clear position is that women and men who carry out the same jobs, similar jobs or work of equal value are paid equally.

The FCA has set a target of 8 per cent of its senior leadership team identifying as Black Asian Minority Ethnic (BAME) by 2020 and 13 per cent by 2025. As of 31 March 2017 the FCA’s senior leadership team is 2 per cent BAME which is down from 3 per cent in 2016. 

Since March 2017 the FCA has been making better progress towards its targets and anticipates this will be reflected in the 2018 figures.

Christopher Woolard, Chair of the FCA’s Executive Diversity Committee said:

“Having a diverse workforce helps us make better decisions and judgements as a regulator and it is important that as a regulator we reflect the society which we represent. People who join us say our strong commitment to diversity and inclusion is a major reason for wanting to work at the FCA.

“We are obviously disappointed that the number of people identifying as female and BAME in senior leadership roles fell slightly in the year ending 31 March 2017. However, we are taking positive steps to ensure that we achieve a better balance across the organisation.  This includes improving our gender balance throughout the organisation which will help reduce the gender pay gap.

“We already know that recruitment to our senior team is beginning to increase the representation of women and BAME colleagues. We have set an ambitious aspiration for greater diversity in the FCA and are determined to meet it.”