Last day today (Wednesday 20 Oct) to complete the FCA consultation!

[Clymene]

The FCA regulates businesses that operate in the financial sector. They are keen to encourage more diversity in the board room so are setting new rules for the companies they regulate.

The rules they are proposing to get more women onto boards uses the term 'women (or those self-identifying as women). Not only does this have no basis in law but it's utterly meaningless in redressing the lack of women in the boardroom. As we all know Philip Bunce would be counted on the days he decides to identify as Pip.

Anyone who has investments or bank accounts can respond.

You can fill in the consultation here: www.fca.org.uk/cp21-24-response-form or email them.

Email address and more information about the proposal can be found here:

sex-matters.org/posts/data-and-statistics/sex-matters-in-the-city/

Thanks for the reminder. I just watched a bit of dear Magdalen Burns on You Tube to whip up my righteous indignation and motivation to do this.

Women are potentially going to be replaced on Boards by men who say they are women, aren't they, if this goes through?

This is shocking.

I also worry that an all male board are more likely to make harsher decisions regarding people’s personal finance such as seizing assets and such like if we see a financial collapse

Done. Thanks OP. Had missed this and it’s beyond appalling that they propose giving women’s pretty paltry targets to men.

Bunce would go in the non binary box (based on his own comments) which isn't part of the target for women.

@Wildfart

Bunce would go in the non binary box (based on his own comments) which isn't part of the target for women.

He might do. He might not, given he happily accepted a Women in Business award.

Who knows?

The FCA regulates businesses that operate in the financial sector. They are keen to encourage more diversity in the board room so are setting new rules for the companies they regulate.
...
I also worry that an all male board are more likely to make harsher decisions regarding people’s personal finance such as seizing assets and such like if we see a financial collapse

While the FCA regulates the financial sector, this is not just about the boards of financial companies.

The FCA set and enforce the rules for listed securities in the UK. Listed securities are the securities that are allowed be traded on UK exchanges.

These rules would apply to all issuers of equity in the FCA Official List, ie ALL companies listed for trading of their shares in the UK. Not just financial companies, ALL listed companies.

Basically almost every UK company big enough that you have heard of them will be included in this plus hundreds that you haven't.

Here's the current official list. It lists all the individual securities including debt so there is a lot of repetion. You can ignore companies that only issue debt as they are not in scope. However any company listed for equities is in scope. As a quick flavour there's Tesco, Astra-zeneca, Vodafone...

marketsecurities.fca.org.uk/officiallist

Thank you Blibby.

I didn't realise that.

documentcloud.adobe.com/link/track?uri=urn:aaid:scds:US:c8868351-e84d-4fe9-b55b-6d42ab624799

This links to a typical report that this new data box will be included in.

This one is Vodafone. These reports invariably have photos on them with job descriptions and pay data.

Bump.

Thank you to everyone who responded to this consultation.

The Times is writing a story about this. The journalist would like to speak to women STRICTLY anonymously who work in companies that may be affected by these changes, about their feelings on the topic. In other words, anyone, as @blibbyblobby says, who works at a UK public company, or anyone who works at a UK financial services company regulated by the FCA.

It’s easy for the FCA to bury, ignore or discount responses to their consultation. But the Times has a powerful voice that is heard by our employers and the Government.

So please consider speaking to her, or asking someone you know who feels strongly about this, to speak to her, about your thoughts and feelings.

And remember, we cannot complain about these things happening if we’re not prepared to speak up.

If you are willing to speak, please PM me and I will put you in touch. Anonymously.

She needs to speak to people tomorrow.

Thank you

@ThereIsAGreenHillFarAway
@wildfart
@clymene
@partystress
@Arabelladrinkstea
@SpindelWhorl

I'm glad The Times journalist wants to cover this, @Neverforgetwhothisisfor. I hope she gets some interviews organised. (I'm not in the target group myself, unfortunately.)

Good work though, thanks.

Glad it’s being covered. Not in finance any more myself, but moved on from that to a research role, including a project on female representation in senior roles in public and private sector organisations. The data brought about change in some places. Changes to selection processes for example. It mattered that the data was accurate. Knowing that 95% of a workforce is female, but 98% of directors are male means something and shows there is a problem. As soon as data becomes meaningless, it loses all power to catalyse change.

That’s why I responded.

Great article, plus excellent leader piece. Hadn’t realised the key personnel overlap between Stonewall and the FCA. Lack of diligence about conflict of interest is very worrying.