Women in Finance Charter and progress against targets

We recognise the important role we play, as a regulator, in improving diversity across financial services. That’s why in June 2016 the FCA was in the first group to sign the Government’s Women in Finance Charter, which seeks to increase the representation of women in the financial services sector, particularly at senior levels.

The Charter requires us to set and report on gender targets for our Senior Leadership Team (SLT). At the same time, we set targets to improve senior representation of those who identify as black, Asian and minority ethnic (BAME) people, as part of our continued commitment to BAME progression.

Our targets are for 45% of our SLT to identify as female by 2020, and 50% by 2025, and for 8% of our SLT to identify as BAME by 2020, rising to 13% by 2025 .

Currently 40% of the SLT identifies as female, which is the same as last year.

We’ve seen the percentage of our SLT who identify as BAME rise from 7% to 10% in the same period.

Reaching our interim 2020 gender target was always going to be challenging. While we’re taking positive action, we don’t have a high turnover or large number of new positions at SLT level. As a result, we haven’t yet been able to achieve enough positive changes to reach our interim 45% gender target. Additionally, our SLT is a relatively small group so slight changes can make a big impact.

We’re pleased to have met and exceeded our interim 2020 ethnicity target though we must keep a continued focus as we have more work to do to make sure we reach our 2025 target.