FCA improving diversity in workforce but admits 'more work to do'

FCA joint executive director of enforcement and market oversight, Therese Chambers, explained the FCA will celebrate its black heritage by focusing on the achievements of Black Sisters and what they have done in different walks of life and careers in the UK to break down barriers.

Its focus in the discussions will be on driving change, connecting voices and unlocking potential.

Identifying the issue

Chambers pointed to the “plethora” of reports and data that indicate a lack of parity in the workplace between minority ethnic and white groupings.

As an example, she pointed to Reboot’s “Race to Equality” report which found that 57 per cent of those from an ethnic minority employed in financial services feel they are being overlooked.

Additionally, when asked whether their career progression to-date had met their expectations, 26 per cent of respondents from an ethnic minority background said their career progression had not.

Meanwhile just 16 per cent of white respondents felt the same way.

Chambers pointed out this lack of parity extends beyond the workplace, citing the FCA’s Financial Lives Survey which revealed consumers in minority groups experience unequal outcomes.

The survey found that those from certain minority ethnic backgrounds are much less likely to have private pension provision, savings accounts or protection policies.

Progress and targets

Chambers also pointed to examples of progress within the authority and its targets for the future.

For gender, she stated that the FCA has achieved parity between male and female representation in its senior leadership team two years ahead of its Women in Finance Charter 2025 target date.

Additionally, the FCA raised its senior leadership team ethnicity target from 13 per cent to 20 per cent and introduced a 25 per cent target for minority ethnic representation across all pipeline grades.

The authority also committed to increasing black representation at senior leadership team level, targeting 4 per cent Black representation within its target for 2025.

With 13.8 per cent of the authority’s senior leadership team being from a minority ethnic background as of March 31 2023, Chambers acknowledged it has “more work to do” to achieve its 20 per cent target.

Additionally, in 2022, the FCA used an evidence-based approach to conduct a major review of its internal DEI work and, following this, it launched a new internal DEI programme that supports the ambitions in this and other DEI areas.

Concluding remarks

Looking to the future, Chambers stated that through the authority’s work it is supporting positive change and encouraging others to do the same.

She added “we must break down barriers for allies to come to the table and seek opportunities to make a difference”.

Chambers concluded by encouraging everyone to join in this month in celebrating the contributions of the Black community in the UK.

tom.dunstan@ft.com

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