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MPs may reject future Bank appointments over diversity concerns

Lawmakers may not approve appointments to the Bank of England in the future over concerns about the lack of diversity at the institution.

While the Treasury select committee approved two male appointments at the Bank this week, it expressed concerns again about the absence of women in senior positions.

This means the committee could decide not to agree an appointment to any Bank policy boards if it felt inadequate effort had been made to find a diverse candidate.

Although the committee cannot force the Treasury which makes Bank appointments to change course, any public disagreement could be embarrassing.

Committee chairwoman and MP Nicky Morgan says the sluggish progress on gender balance at the senior manager level was “disappointing”.

The culture and lack of diversity in the financial services industry has been a theme for the committee.

In mid-June it published a report that said an “alpha-male” culture in financial services continues to put women off seeking top jobs.

The report also criticised a lack of clear criteria when awarding bonuses, to combat the perception that men will argue more forcefully so will receive higher performance-related payments.



Trade body continues investment industry diversity push

The Investment Association is zeroing in on law firms, fintech providers and consultants in its push for diversity in the industry. The IA merged with careers provider Investment 20/20 in April and is widening the programme’s membership to include companies that work with investment firms, such as lawyers and accountants. Since starting in 2013, Investment 20/20 […]


Diversity and pay under spotlight in new UK corporate governance rules

UK-listed companies face tighter rules around executive pay, diversity and shareholder votes under a shake-up of the UK Corporate Governance Code. The Financial Reporting Council released its proposed changes to the code today in response to a Government green paper released late last year. The FRC says boards need to be more specific about actions […]

File image of a pension savings pot

Regulator hands out £15,000 fine for pension contributions bungle

The Pensions Regulator has fined a trustee £15,000 for failing to report unpaid pension contributions. Smart Pension, which runs the master trust, did not tell TPR that nearly 500 employers had not paid nealry £900,000 of contributions that were due. Smart Pension also did not tell members about the problem. TPR suspends trustee after […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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