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UK’s Financial Conduct Authority has set a course for tripling the amount of senior managers representing ethnic minorities by 2020 as it seeks to expand its staff diversity.
The regulator also wants to increase the number of women in senior positions from a current 39% to 45% by 2020 and to 50% by 2025.
At this point, only 3% of managers at the FCA identify as black or minority ethnic. The target is to increase to 8% by 2020 and 13% by 2025.
A study from Business in the Community in 2014 revealed that over 6% of management positions were hold by BAME individuals, despite making up 10% of overall personnel. BAME refers to Black, Asian, and minority ethnic members of non-white communities in the UK.
Andrew Bailey, the CEO of the Financial Conduct Authority, said: “I am proud of the FCA’s work to date on diversity. Setting targets for the FCA senior leadership team to be representative of the female and BAME UK populations is a logical next step.”
The agency has been rewarded for such a strategy by being given a top-40 spot in Stonewall’s top 100 LGBT-friendly employers.
The number suggests the FCA is in some aspects more representative of the wider population than a considerable subset of regulated businesses. The previous year’s freedom of information request by Wealth Manager indicated that less than 20% of CFA 30 holders identified as women.