Understand how the FCA values differences in our people and uses these to make us a stronger and more effective regulator.
The FCA is a fully inclusive employer – we have a strong commitment to diversity and inclusion in everything we do. To provide an effective and efficient service, we need to make sure that we recruit, develop and keep the most talented, engaged and diverse workforce that we can.
We support our people to understand, represent and have close links with both the wider community and the marketplace. This helps us provide the best service to the public and the financial sector and be in the strongest position to meet our obligations and role.
Our Executive Diversity Committee takes strategic decisions on issues affecting equality, diversity and inclusion at the FCA, and has senior executive level responsibility for taking forward our plans and activities.
Our diversity and inclusion objectives
In meeting the Public Sector Equality Duty (PSED) of the Equality Act 2010, we have 4 objectives which are that the FCA:
- is a destination employer
We will attract and develop a diverse mix of people at all levels of our organisation.
- has an inclusive culture
We will foster an inclusive working environment where difference is embraced and where people feel valued and respected.
- provides consumer access and insight
Our people will strive to recognise and think about the impact of FCA policy proposals on different groups in the wider population. We will consider the accessibility of our systems and services and the impact of our policies and processes on different groups of the UK population, keeping consumer issues at the centre of what we do
- engages with wider industry
We will lead by example to influence positive change in the diversity and inclusion field within the wider financial services sector and embed throughout our conduct agenda.
How we are doing
Diversity of thought and approach will play a key role in how we achieve our objectives. We report on diversity each year – see our Diversity Annual Report 2015/16. This report highlights the progress we are making and where we are going next.
Best practice in this area can only be achieved by working with a range of stakeholders – both internal and external.
Internally, as well as our Executive Diversity Committee, we have a number of Staff Network Groups that play an essential role in helping shape and deliver our diversity and inclusion objectives. These groups are open to all and include BAME, disability, LGBT, women, faith, carers and international groups.
Some of our external partners include the 30% Club, Opportunity Now, Race for Opportunity, Stonewall and the Network of Networks (TNON). Working together provides us with opportunities to learn and share best practice.
We support the work of the employee-run Staff Network Groups and provide specialised training to promote an inclusive work environment.
We are proud to be listed among Stonewall's top 100 LGBT friendly employers.
Women in Finance Charter
We signed the Women in Finance Charter in June 2016. The Charter requires financial services companies to make improvements in the ratio of women in senior positions.
We have set a target for 45% of our senior leadership team to identify as female by 2020, and 50% by 2025. Currently, the FCA has a 39% female to 61% male ratio in its SLT.
Christopher Woolard, the FCA Director for Strategy and Competition and Chair of the Executive Diversity Committee, has been appointed as the accountable member of our executive team for gender diversity and inclusion.
The FCA’s executive team have a common shared objective on diversity which means that their performance-related pay is determined by delivery against these targets.
We have committed to publish annual metrics against these targets on our website.
We used Office of National Statistics data to set our targets. 50/50 gender is representative of the diversity of the UK population.
We have looked at the challenges we face in our ratio of our Black Asian Minority Ethnic (BAME) colleagues in senior positions. We are an ethnically diverse organisation but there is a smaller proportion of BAME people at higher job grades, which we are addressing.
We have set a target for 8% of our senior leadership team will identify as BAME by 2020, and 13% by 2025. Currently, 3% of the FCA SLT identifies as BAME.
We are focused on supporting career development for our people from the BAME community.
Our BAME Staff Network Group, Spectrum, is working in partnership across the organisation to create an inclusive career progression plan and improve the working environment and opportunities for our BAME people.
More diverse shortlists in our recruitment processes leading to more BAME candidates joining the FCA.
We have introduced a BAME Reverse Mentoring scheme and mentoring programmes.
We used Office of National Statistics data to set our targets. 13% BAME is representative of the diversity of the UK population.
Public Sector Equality Duty
In meeting the Public Sector Equality Duty (PSED) of the Equality Act 2010, we assess our processes, policies and actions to ensure that there is not a disproportionate impact on consumers who make up protected diversity groups.
Equality Impact Assessments form part of this analysis, enabling us to understand consumers and be a more effective regulator.
‘Our differences make us unique. Recognising and valuing those differences in the workplace makes us stronger and better at what we do.’
- Christopher Woolard, Director of Strategy and Competition and Chair of the Executive Diversity Committee