Ranked No.4 – 2021/2022
For the first time ever, The Financial Services Compensation Scheme (FSCS) have reached the top 10 on the 2021/22 Inclusive Top 50 UK Employers List, coming in at 4th place. The FSCS helps people get back on track by protecting them when authorised financial services firms fail. They are an independent, free service and cover all regulated financial services in the UK. Since their launch in 2001 they have come to the aid of millions of people and paid out billions in compensation.
Caroline Rainbird – Chief Executive Officer, said “I was appointed Chief Executive Officer in May 2019 – the Scheme’s first woman CEO in almost a decade – and I immediately set to work promoting diversity and inclusion across our business and the wider Regulatory Family. Being a signatory of the Women in Finance Charter, Change the Race Ratio, the Race at Work Charter, a working Mother and leader of the UK’s 4th Most Inclusive Employer enables me to take personal responsibility in driving forward these issues, and hopefully be a positive role model to others – these are subjects I am passionate about.”
With Caroline at its helm, The Financial Services Compensation Scheme has re-invigorated their Women@FSCS network. Leading from the top Caroline has also coached and mentored aspiring female leaders across the Scheme; commissioned the second year of their Women’s Leadership Programme RISE and launched the Scheme’s first Black Talent Sponsorship Programme. This programme provides Black colleagues at the FSCS an opportunity to work 1-2-1 with a member of their Executive Team and work collaboratively on Scheme wide business projects. This programme was launched in direct response to Black Lives Matter and was shaped by their Black colleagues. It provides practical support around networking, visibility, managing relationships and career resilience.
The Executive Team and Board share regular updates on FSCS’s D&I initiatives and celebrate differences internally via their weekly bulletin. The organisation ensures that awareness sessions recognise and celebrate differences – a recent session on neurodiversity to celebrate Autistic Pride Day challenged stereotypes and was chaired by their Chief Counsel who is the parent of neurodiverse children. In addition, FSCS recently held a session around menopause led by their CEO and Executive colleagues which was attended by a range of employees regardless of age or gender to raise awareness and encourage support for those going through the menopause.
The Board of FSCS developed an ambitious vision for the 2020’s and they knew that to deliver on their strategy they needed a diverse and inclusive workplace where everyone can succeed in achieving their personal and professional goals. They set themselves a bold recruitment strategy target of increasing representation in every underrepresented population across the FSCS at every level. To deliver increased diversity they needed to review, refresh, and relaunch their approach. Specifically, FSCS has committed to having at least one racially diverse board member by 2024, which mirrors the Parker Review target for FTSE 250 companies. Today, they have higher levels of
Board, Senior and Executive diversity than ever before. In 12 months, they’ve increased the number of non-white managers from 10% to 17% and now report on backgrounds broken down by self-identified ethnicity. Over a third of FSCS employees come from non-white backgrounds, and 75% of their executive team are female and 67% of the FSCS’s Board – up from 25%.