The FSCS also has 40% of employees that come from ethnically diverse backgrounds in addition to exceeding its gender target 

The Financial Services Compensation Scheme (FSCS) has exceeded its representation target for 2022, after achieving a 50:50 split of male and females on its board.

Over the last 12 months, it has increased female representation on its board from 27% to 54%.

Currently it has eleven board members; this includes eight non-executive directors and three executive directors.

This is mirrored across its executive team where female leaders make up 57%, enabling the firm to exceed its 2022 target of a 50:50 split in both these areas. It claims this is a first in the firm’s history.

Chairman of FSCS’s board Marshall Bailey told Insurance Times: “More than 50% of our board are female, more than 50% of our senior leader executive management team are female. Our employee population, more than 40% come from ethnically diverse backgrounds.”

FSCS is currently under the leadership of Caroline Rainbird, chief executive.

Diverse board representation

Last week, FSCS appointed three female non-executive directors to its board

These include baroness Nicky Morgan – former secretary of state, Cathryn Riley – previously Aviva’s group chief operating officer and group chief information officer, and Wendy Williams – HM inspector of constabulary, and HM inspector of fire and rescue services, responsible for 13 police forces.

Williams is also the first woman from a black background to join the FSCS board, and her appointment means that the board is now 27% black and minority ethnic.

“The FSCS’s statistics around our common purpose and the way people are responding to our chief executive Caroline Rainbird’s leadership [as well as] the four-pillar strategy is phenomenally remarkable, and something we are proud of.

“But I believe it exists in the broader industry as well. You see initiatives on conduct and standards, [and] all kinds of individual’s working towards diverse boards and inclusion. I don’t know if we are leaders in that, but I think we are among those that are trying to show its possible,” Bailey added.

FSCS is also a founding signatory of the Business in the Community (BITC) Race at Work Charter and was recognised last year as the UK’s 40th Most Inclusive Employer.

Read more…Black Lives Matter protests reawaken insurance industry under representation BAME debate

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