Information on End of Year performance ratings - July 2024

Thank you for your request of 21 May 2024, in which you asked for information regarding the 2023/2024 end-of-year performance outcomes for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

We provided you with as much information as we can, while keeping in mind our paramount responsibility for protecting colleagues’ personal data. We have, therefore, not provided data where the numbers are so small, particularly with reference to overall size of the organisation, that it may be possible for someone to be identified or for personal data about an individual to be identified. For example, we have aggregated at times the data for those in the PSR who received a performance rating of [1 & 2], [1, 2 & 3], or [4 & 5] or are in the age bracket of 16-34. To disclose them could reveal personal data, which is exempt from disclosure under section 40 (Personal data) of FOIA.

For more information on why we are applying this exemption please see Annex B below.

The FCA is committed to transparency to aid our progress towards building an inclusive organisation. We publish a significant amount of data annually about our pay and performance outcomes. You may therefore be interested to see that we published on Tuesday 9 July our 2024 Pay Gap Report, which includes our ethnicity and disability pay gaps, and Equality Impact Assessment of our pay and performance outcomes. Together, these documents look back on our progress (primarily focused on the FCA, rather that FCA and PSR) over the past year against our Diversity, Equity and Inclusion (DEI) aims. Last year’s reports are also available − 2023 Pay Gap Report and Equality Impact Assessment. 

The changes we made to our pay structure, including rewarding strong performance in people’s salaries, have helped substantially reduce our pay gaps. Since 2022:

• our ethnicity pay gap has fallen from 22.5% to 13%
• our disability pay gap has fallen from 9.3% to 3.3%
• our gender pay gap has fallen from 19.8% to 11.5%. 

We no longer report a bonus gap. The top quartile of income distribution at the FCA now comprises 23% minority ethnic colleagues, up from 18% last year. Also, by way of context we welcomed 417 new joiners from a minority ethnic background and 174 minority ethnic colleagues were promoted over the course of the year.

While we are proud of how far we have come in recent years, we recognise there is more to do. We recognise concerns that those from a minority ethnic background are overrepresented among those who receive lower performance scores. The same concerns apply with respect to those colleagues declaring they have a disability, whilst the highest proportionate representation in the lowest performance scores is amongst those who are undeclared as to whether they do or do not have a disability. We are committed to tackling this through, for example, analysis of our data, more support and better guidance for managers, as well as development and mentoring for colleagues to help enable their progression.

We will continue to assess the data and share our analysis with our staff consultative committee so we can achieve further progress and are accountable for delivering it. We also encourage all colleagues to complete their confidential declarations on Workday, which includes an option of ’prefer not to say’ so that we can continue to improve our data. Please note, the Payment Systems Regulator (PSR) is an independent subsidiary of the Financial Conduct Authority (FCA), with its own statutory objectives, Managing Director and Board.

In its objective to deliver value for money, where appropriate the PSR leverages FCA’s services. Particular to this enquiry, the PSR utilises some of the FCA’s Human Resources services and therefore this response will provide the requested data for both organisations.

Finally, please be aware that in the tables in Annex A, the ‘undisclosed’ category reflects the number of colleagues who have selected ‘prefer not to say’ and those who have not provided a response.