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Race/Ethnic Minority Initiatives at the Financial Conduct Authority

Our aim is to create a diverse and inclusive workplace that is free from discrimination and bias so that we can better deliver our role as regulator. We want our employees to trust that their differences are respected and valued so they can genuinely be themselves at work.

We are passionate about fostering an environment in which ethnic diversity is championed at all levels and maximise opportunities for progression for BAME staff.  Our aim is to help BAME staff to identify and fulfil their potential and to assist the organisation to maximise the potential of its staff. 

We are an ethnically diverse organisation but there is a smaller proportion of Black, Asian and Minority Ethic colleagues at higher job grades, which we are addressing.

Our Commitment

We are focused on supporting career development for our people from the BAME community and have set a target for 8% of our senior leadership team will identify as BAME by 2020, and 13% by 2025.*

Currently, 2% of our leaders are Black, Asian, Minority Ethnic (BAME), (falling from 3% in 2016).

What we are doing

In 2017, we launched our Positive Action Framework which outlines the actions we will take across the employee lifecycle to help build an inclusive culture. The framework describes what people can do at a practical level to get our mix of people right, and then make the mix work.  It’s a blueprint for action and change.

For example, through our recruitment process we now highlight to both hiring managers and agencies that diversity should be an explicit part of the job scoping conversation. There is an expectation to produce balanced shortlists (gender, ethnicity and diversity of social background) to give us the best candidates. We now hire recruitment agencies with a reputation for diversity and demand diverse shortlists.

Our reverse mentoring scheme provides an opportunity for colleagues from BAME backgrounds to mentor and engage with senior leaders. The scheme is designed to provide an open and honest environment to spark discussions around creating and delivering inclusive work practices, and to foster a joint learning experience for both parties.

Spectrum Network

Our Black, Asian and Minority Ethic (BAME) Network Group, Spectrum, is working in partnership across the organisation to create an inclusive career progression plan and improve the working environment and opportunities for our BAME colleagues.

Recent activities include:

Participating in the Mentoring Circles Programme sponsored by Business in the Community.

Running focus groups to explore the issue of cultural differences. Celebrating Black History Month in October 2017

More diverse shortlists in our recruitment processes leading to more BAME candidates joining the FCA.

Demonstrating our continued commitment to best practice in this area, we have been listed in the first annual Employers for Race Listing 2017.

 * We used Office of National Statistics data to set our targets. 13% BAME is representative of the diversity of the UK population.

 

 

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