We are a more effective regulator when we are truly representative of broader society. Find out more about our diversity, equity and inclusion (DEI) programme and progress.
Our DEI programme
In 2022, we used an evidence-based approach to conduct a major review of our internal DEI work. Following this review, we launched a new internal DEI programme that runs to 31 March 2026.
Key objectives of our DEI programme are to:
- Address areas of under-representation.
- Make adjustments to deal with imbalances and deliver fair and equitable outcomes for our people.
- Foster an inclusive work environment.
- Establish a strong accountability framework for progress against our DEI outcomes.
Our programme is supported by a programme board, local DEI divisional delivery groups and our 10 diversity networks.
Key achievements in the programme’s second year included:
- Achieving Level 2 accreditation under the Disability Confident scheme.
- Launching disability inclusion workshops for our people managers.
- Commencing development of a workplace adjustments policy, which we plan to complement with appropriate guidance and/or training materials for colleagues in 2025/26.
- Introducing independent hiring panels to support a bias-free recruitment process.
- Launching a mandatory core DEI e-learning module, along with DEI good practice, and accessibility and disability hubs on our intranet.
Our representation targets
We have continued to make progress toward our ethnicity and gender targets to improve representation within our senior leadership team (SLT). Our SLT includes heads of department, directors, executive directors, the chief executive and the chair.
In 2016, the FCA joined the first group of organisations to sign the Women in Finance Charter, which aims to increase the number of women in the financial services sector, particularly at senior levels. Through this charter, we set a goal for gender parity (50%) in our SLT by 2025.
We also committed to improving minority ethnic representation at senior levels, targeting 20% SLT representation by 2025.
In 2021, we expanded our gender and ethnicity targets beyond our SLT to include managers, technical specialists, leads and senior associates. Strengthening diversity at these levels is crucial, as they form the pipeline for future leadership. These targets ran until 31 March 2025.
In April 2025, we reviewed our progress and evidence base to set new goals:
- We will monitor representation where our targets have been met to ensure we maintain or exceed these levels.
- We will continue to work towards meeting the targets which have not yet been met within refreshed timescales:
- 50% gender balance at manager level by 2030.
- 25% minority ethnic representation at technical specialist and manager levels by 2030.
- 20% minority ethnic representation at SLT level by 2030.
- 50% gender balance at technical specialist by 2035 with an incremental target of 40% by 2030.
- 4% SLT black representation by 2030.
- For the first time, we have set a target for gender representation at our professional support level. As of March 2025, 95% of colleagues at this level were female. Recognising our starting position, as well as turnover data and market factors, we have set a target of achieving 85% female and 15% male by 2030, and 75% and 25% by 2035.
We report diversity data and track progress using headcount figures to ensure accountability and transparency.
Our progress
The figures below represent colleagues at both the FCA and the Payment Systems Regulator (PSR).
Female representation
At the time of signing the Women in Finance Charter, female representation in our SLT was 39%. As of 31 March 2025:
- 49.1% of our SLT was female.
- The figure excluding the PSR was 48.7%.
We have also advanced gender diversity across key pipeline roles. As of 31 March 2025, female representation was:
- 44.6% among managers.
- 30.7% among technical specialists.
- 49.9% among lead/senior associates.
The figures excluding the PSR were 43.8%, 31.1% and 49.9%, respectively.
Due to the size of the SLT population, shifts in female representation can be significant as colleagues join or leave the organisation. We remain committed to maintaining or improving gender balance at all levels.
Minority ethnic representation
Our minority ethnic representation in the SLT has grown over the past year. As of 31 March 2025:
- 14.6% of SLT members were from a minority ethnic background, up from 14% in 2024. Representation remained at 14.6% when excluding the PSR.
- Our black SLT representation was 3%, and 2.5% excluding the PSR.
Representation has also increased across pipeline grades. As of 31 March 2025, the following identified as minority ethnic:
- 19% of managers.
- 23.3% of technical specialists.
- 33.5% of lead/senior associates.
The figures excluding the PSR were 19.7%, 22.9% and 33.8%, respectively.
Fluctuations in minority ethnic representation at SLT level can be significant as colleagues join or leave the organisation. We remain committed to maintaining progress and improving ethnic diversity across all leadership levels.
Reporting on our targets
Female and minority ethnic representation has increased across most grades over the past year. While this progress is encouraging, we will continue to focus on targets that remain outstanding. Our internal DEI programme will continue driving these efforts forward.
The tables below present data on female and minority ethnic representation since 2018. As more colleagues disclose their personal data, we apply this information retrospectively. As a result, historic figures may vary slightly from previous reports.
Chart
Data table
Chart
Data table
* From 2022, we started to report our progress against our targets to 1 decimal place to provide an additional level of granularity and insight.
** Manager and technical specialist were grouped together in reporting for 2018 to 2020.
*** From 2022, we started to report on representation at lead and senior associate levels.
Diversity of our Board and executive management
Our Board
In line with our existing UK Listing Rule disclosures, as of 31 March 2025, the FCA’s own Board representation is as follows:
- 40% of our Board are women (4 out of 10 directors).
- 20% are from a minority ethnic background (2 out of 10 directors).
- None of our senior Board positions (chair, chief executive, or senior independent director and deputy chair) are held by women****.
**** The 'chief finance' senior management function is assigned to our chief operating officer (COO), a member of our Executive Committee (ExCo), though not a Board director. This role is currently held by a woman.
Most Board members are appointed by the Treasury, alongside the Secretary of State as appropriate. They are recruited through the public appointments process, which emphasises diversity to ensure leadership reflects society.
The Bank of England’s deputy governor for prudential regulation and the chair of the PSR also serve as Board members.
Succession planning remains a key agenda item for the Board and its committees. As part of this process, they review diversity and inclusion objectives. To identify gaps and support future Treasury appointments, our People Committee monitors:
- The balance and composition of the Board and its committees.
- Board members’ skills and experience.
These steps help ensure diverse leadership and informed decision-making at the highest levels.
Our Executive Committee (ExCo)
Achieving meaningful diversity in our Executive Committee (ExCo) is central to our broader goal of improving representation for women and ethnic minorities within the SLT.
As of 31 March 2025, our ExCo diversity figures are as follows:
45.5% of ExCo members are women (5 out of 11).
- 27.3% are from a minority ethnic background (3 out of 11), of whom 9.1% are black (1 out of 11).
- 9.1% identify as gay or lesbian (1 out of 11).
- 9.1% have a disability (1 out of 11).
To assess socio-economic background, we ask colleagues about the occupation of their main household earner at age 14, as recommended by the Social Mobility Commission.
- 45.5% of ExCo members are from a professional or higher socio-economic background (5 out of 11).
- 27.3% are from a working-class or lower socio-economic background (3 out of 11).
- 27.3% responded with ‘prefer not to say’ or ‘other,’ including retired, not applicable or unsure (3 out of 11).
