FSCS exceeds 2022 board representation target

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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.