The Financial Conduct Authority (FCA) has said it is making progress with improving the diversity of its leadership after failing to hit its 2020 target.
The FCA’s 2020/21 business plan reveals it had set a target of women accounting for 45% of its senior leadership team but this target had been missed by five percentage points.
Elaborating on progress made, FCA CEO Nikhil Rathi revealed that as of today, 43% of the FCA’s senior leadership team is female and it is on track to meet the Women in Finance Charter 50% target by 2025.
He added nine out of 18 executive committee and board members are women and 13% of its senior leadership team identify as being from an ethnic minority, with the FCA working towards a target of 20% of senior leaders being women by 2025 of which at least 4% will be Black.
Earlier this month the regulator combined with the Bank of England and Prudential Regulatory Authority (PRA) on the start of a major push to improve diversity and inclusivity throughout the sector with warnings that in some regards things are actually getting worse.
Key suggestions made include that senior manager pay and the fit and proper person test should be tied to metrics and other issues concerning diversity and inclusion.
And it also announced work updating its rulebook to remove non-inclusive language and other potentially divisive terms.