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Women in Finance Charter - Annual Form 2025
Women in Finance Charter Annual update submission form – organisations with more than 250 staff+
NB: This Word document is to help you prepare your organisation's responses which must then be submitted via the HM Treasury Annual Update Portal.
Please complete all relevant questions as fully as possible. We ask that you undertake reasonable checks to ensure the data submitted is correct before submitting it via the portal. If you have any queries regarding your submission, please refer to the Annual Update Guidance here before contacting us.
Compulsory responses are marked with an asterisk *. The non-compulsory responses provide a suggested framework for both data and narrative reporting, based on feedback from signatories.
The information provided in your response will be aggregated, anonymised and presented in the Annual Review of Charter signatories, to be compiled by our data partner New Financial and published in March 2026 (TBC). To read HM Treasury's privacy statement and New Financial's data privacy statement, please click here.
The Annual Review will highlight progress and share best practice in a constructive, positive way (click here to see the most recent Annual Review). No information will be attributed without the express permission of the relevant signatory. If we do seek this permission, we will contact you in good time ahead of publication.
We want to know about your successes but also get a true picture of where you have faced challenges. Please be as frank and as open as you can be in your responses, including where a target may not have been met. Note there is no wordcount limit for your responses.
Submissions should be completed and submitted via the portal by September 30 2025. If you are able to submit your form earlier, we encourage you to do so.
+If your company has 250 or less staff in the total workforce, please click here to download the relevant submission form for SME organisations.
Section A) Company and workforce details
| Question | Answer |
|---|---|
| 1* Name of signatory company | Financial Reporting Council |
| 2* Number in total workforce to which the Charter applies | • More than 250 |
Section B) Signatory information
| Question | Answer |
|---|---|
| 1* Please select the sector which best describes the entity to which the Charter applies: | • Government/regulator |
| 2* Is Charter signatory FCA/PRA-regulated or does it conduct regulated activities? | • No |
| 3* Location of UK headquarters (town/city) | The FRC is located in both London (HQ) and Birmingham |
| 4* Type of entity to which Charter commitment applies | Select from: • Other (Public Body – DBT Arm's Length / UK Regulator) |
| 5 Nationality of group/parent (If applicable) | UK |
| 6 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: |
Section C) Accountable executive
NB: Please provide contact details for the Accountable Executive (AE) via the “Contact Management” tab in the portal. Information required:
- Name
- Job title
| Question | Answer |
|---|---|
| 1* Has the Accountable Executive (AE) changed since last year's submission to HMT? | • No (if no, go to 2) |
| 1a* If yes, explain why did the AE change occur? | N/A |
| 2* Is AE male or female? | • Male |
| 3* Type of role of the AE? | Both: • Revenue-generating • Support role |
| 4* Does the AE sit on the exco (or equivalent decision-making group) of the entity that has signed the Charter? | • Yes |
| 5* Does the AE sit on the board (if the company has a board) of the entity that has signed the Charter? | • Yes |
| 6* Do you have more than one Accountable Executive? | Select from: • No |
| 7* Please provide the following information for all additional AEs: • Name • Job title • Email address • Is the AE male or female • Is the AE in a revenue generating role/ support role / both • Does the AE sit on the exco (or equivalent decision-making group) • Does the AE sit on the board (if the company has a board) |
Not applicable |
| 8a* Please confirm this submission form has been seen and approved by the AE | Select from: • Yes |
| 8b* Please explain why this submission has not been seen and approved by the AE | Not applicable |
| 9a* Has the AE undertaken specific actions to support their role as AE? | Select from: • Yes |
| 9b Please provide up to three examples of AE actions. To see how New Financial analyses this data and groups AE actions thematically, please see the latest Annual Review. For example: • Strategic focus (eg. responsibility in reporting, driving accountability, reviewing dashboards); • Dedicating resource (eg. securing budget for networks, improving data capture, creating specialist inclusion roles); • Talent focus (eg. talent reviews, succession planning). |
1) Strategic focus – developing and working with Executive Team, HR to agree new Diversity, Equity and Inclusion strategy for the FRC 2) Dedicating resource - As part of the Learning and Development planning and budgeting cycle securing funding for DE&I networks. 3) Talent Development – As part of annual talent review process at the FRC, working towards ensuring that there is a diverse mix of talent at senior levels of the organisation. |
| 10 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: |
Section D) Senior management definition
| Question | Answer |
|---|---|
| 1a* What is the firm's definition of senior management? NB: This definition must be the same as the senior management population to which your target refers in section F and the senior management data provided in section E |
ExCo and job level pay band 6 |
| 1b* Which of the following most closely corresponds with this definition of senior management? | Select from: • Exco – 1 (i.e. direct reports to exco and exco, as per FTSE Women Leaders definition) For the FRC this is ExCo and colleagues at job level pay band 6 (equivalent ExCo -1) |
| 2a* Has this definition changed since last year's submission to HMT? | • No (if no, go to 3. Question 2b will not be visible) |
| 2b* Please specify the change and why the change has been made. NB: • The WIFC Annual Review lists all signatories that have changed their senior management definition (not applicable to SMEs). • Any firms seeking to change their senior management definition in their target deadline year will need to provide senior management data in section E as per their previous definition. |
N/A |
| 3 Why did you choose this definition of senior management? | This definition is consistent with the Hampton Alexander Review and appropriate for the range of roles across the FRC. |
| 4 Do you expect this definition to evolve, and if so, how? | As the size of the FRC and the leadership team grows we will keep this definition under review. |
| 5 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | N/A |
Section E) Senior management data
The data provided in this section should correspond to the senior management population to which your target refers in section F and as defined in section D.
NB:
- If your firm has undergone a change in senior management definition and/or structural change since your last submission, please provide the corresponding data to reflect the change both this reporting year and the previous year for comparison purposes.
- Any firms seeking to change their senior management definition in their target deadline year will need to provide senior management data in section E as per the previous definition.
| 2024 (Previous year) | 2025 (Current year) | |
|---|---|---|
| 1a* Number of staff in total workforce NB: If senior management population is regional or global, the total workforce number should correspond to the same region from which senior management may be drawn |
472 | 459 |
| 1b Number of female staff in total workforce | 269 | 259 |
| 1c Female staff as percentage of total workforce Calculation: (1b answer ÷ 1a answer) x 100% |
57% | 56.4% |
| 1d* Number of staff in senior management population | ExCo = 7 Pay Band 6 = 18 Total = 25 |
ExCo = 7 Pay Band 6 = 20 Total = 27 |
| 1e* Senior management as percentage of total workforce Calculation: (1d answer ÷ 1a answer) x 100% |
5.3% (25/472) | 5.9% (27/459) |
| 1f* Number of female senior managers | ExCo = 4 PB6 = 11 Total = 15 |
ExCo = 5 PB6 = 12 Total = 17 |
| 1g* Female senior managers as percentage of total senior management Calculation: (1f answer ÷ 1d answer) x 100% |
60% (15/25) | 62.9% (17/27) |
| 1h Number of female senior managers from ethnic minority background | 2 | 3 |
| 1i Female senior managers from ethnic minority background as percentage of total senior management (please disaggregate by ethnic group where possible/appropriate) Calculation: (1h answer ÷ 1d answer) x 100% |
8% (2/25) Both are Asian/Asian British. |
11.1% (3/27) All 3 are Asian/Asian British. |
| 2 Female representation on board as percentage | 42.9% | 40% |
| 3 Female representation on executive committee as percentage (where applicable) |
57.1% (4/7) | 71.4% (5/7) |
| 4* Please provide the date to which the data in this submission relates DD/MM/YY |
16.08.2024 | 15.08.2025 |
| 5 Does your organisation capture data on the uptake of different types of flexible working in the senior management population (eg. job sharing, fully remote, hybrid, part time, compressed hours, flexitime around core hours), as well as for men/women? Please provide details where possible. | We hold employee data for those working part time hours as they will be contractual arrangements. We report on hybrid office attendance monthly. We do not operate flexitime or fully remote working. Compressed working is discourage. In all cases we treat reporting holistically and do not report based upon gender | |
| 6* Do you collect data on the representation of any other diversity strand in the female senior management population? Please provide details where possible. (See past Annual Reviews for how this data has been presented) |
Yes – we collect data in the following strands: Sexual Orientation, Disability, Religion, Age and Socio-economic background. | |
| 7 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | None |
Section F) Headline senior management target(s)
The target should be as per last year's submission, and must be based on the same senior management population defined in section D and the senior management data provided in section E. If your organisation has changed the target and/or deadline year and/or group to which the target applies, please respond "Yes" to question 1
PLEASE NOTE:
- The WIFC Annual Review lists all signatories that have changed their target, including listing the previous and new targets (see Appendix of the latest annual review).
- Any signatories seeking to change their target or deadline in the deadline year of their original target will be held accountable in the Annual Review against their original target and deadline.
| Question | Answer |
|---|---|
| 1* Has the target, deadline, or group to which the target applies changed since last year's submission? | • No (if no, answer 2a-d. Question 3 will not be visible) |
| 2a* What is the target(s) for female representation in senior management? | ExCo = 50% Board = 33% ExCo and pay band job level 6 = 50% |
| 2b* What is the deadline? NB: • We will treat the deadline as the end of the given year unless a specific date is provided. • If no deadline is specified, your organisation will be held accountable against the target every year in the Annual Review. |
The target is reviewed annually at end of July |
| 2c* What is the region to which the target applies? | UK |
| 2d* Why did you choose this target? | N/A - no change in 50% target |
| 3a* What is the new target(s) for female representation in senior management? | N/A |
| 3b* What is the new deadline? NB: • We will treat the deadline as the end of the given year unless a specific date is provided. • If no deadline is specified, your organisation will be held accountable against the target every year in the Annual Review. |
N/A |
| 3c* What is the region to which the new target applies? | The target is a national target and not split by region as the employee workforce population in our Birmingham office is comparatively low |
| 3d* Why did you choose this target? | N/A |
| 3e* What was the target(s) for female representation in senior management as per last year's submission? | Yes |
| 3f* What was the deadline (as per last year's submission)? NB: • We will treat the deadline as the end of the given year unless a specific date is provided. • If no deadline is specified, your organisation will be held accountable against the target every year in the Annual Review. |
Yes, as per last year's submission |
| 3g* What was the region to which the target applied? | N/A |
If your deadline has passed or is in 2025, please answer question 4. If your deadline is in the future, please answer question 6. If you have multiple headline targets, please answer 4 and/or 6 for each target as relevant.
| Question | Answer |
|---|---|
| 4* Is your target deadline due this year? | Select from: • Yes (if yes, go to 5a) |
| 5a* Have you met your target(s)? NB: The WIFC Annual Review lists all signatories that have hit their target. |
Select from: • Yes (if yes, go to 7. Question 5b and 6 will not be visible) |
| 5b* Please explain why and set out any plans to achieve the target. NB: The WIFC Annual Review lists all signatories that have missed their target and why in the appendix. |
If your deadline is in the future (2026 and onwards), please answer question 6.
| Question | Answer |
|---|---|
| 6a* Have you met your target early? | Select from: • Yes |
| 6b* Are you on track to meet your target (based on your own rationale for interim progress)? | Select from: • Yes |
| 6c* Please explain why your organisation is not on track to meet the target. | Not applicable |
| 6d* Please explain how you measure interim progress against a future deadline. | Not applicable |
| 7 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | No |
Section G) Actions to achieve targets
| Question | Answer |
|---|---|
| 1a* Please list and briefly explain the top three actions undertaken (or planned) to achieve target(s). NB: See the latest Annual Review for how New Financial analyses this data and groups actions thematically, for example: • Retention and promotion (eg. female leadership programmes, succession planning initiatives, mentoring and sponsorship), • Embedding D&I into BAU (eg. diversity data dashboards, criteria in scorecards, accountability of leadership) • Behaviour and culture (eg. learning and development programmes, use of networks, updating policies) • Recruitment (eg. diverse shortlists/interview panels, working with head-hunters/recruiters, focus on job ads, market mapping) |
Embedding DE&I Since the last charter review we have developed and launched a new 2-year Diversity, Equity and Inclusion (DE&I) strategy that has a significant focus on addressing representation. Behaviour and Culture The organisation works in partnership with our diversity networks to enable the representation strand of FRC's new DE&I strategy. Our diversity networks also come together to take an intersectional approach to DE&I events and addressing under-representation. Recruitment HR provides training to recruiting managers on diversity and inclusion and HR attends interview to ensure the vacancy filling process is free from bias. |
| 1b* How is your organisation monitoring progress • measuring the impact • enforcing implementation of these actions? This can be quantitative, eg. setting targets, a comply or explain approach; or qualitative, eg. employee engagement survey results |
There is a regular and continued focus on addressing under-representation with quarterly reporting of DE&I metrics/KPIs at the DE&I Committee that has ExCo representation. Progress against the DE&I strategy is monitored at ExCo/People Committee as part of the annual review process. |
| 2a* Have you reviewed the actions mentioned in 1a-b to ensure they are inclusive to women across all diversity strands? | Select from: • Yes (if yes, go to 2b) • No (if no, go to 3a. Question 2b will not be visible) |
| 2b* Please provide details where possible. | |
| 3a* Has your organisation taken any steps to measure the impact of flexible working on women at your organisation (where relevant)? | Select from: • Yes |
| 3b* Please provide details where possible. | We monitor the question in the annual people survey relating to flexible working which has improved from the previous year |
| 4a Are there any new areas of actions for your organisation this year? Yes/No |
Select from: • No (if no, go to 5. Question 4b will not be visible) |
| 4b What are the new areas of actions and what inspired them? | N/A |
| 5 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | N/A |
Section H) Linking executive pay to targets
| Question | Answer |
|---|---|
| 1a* Do you have a link between targets for female representation and pay? | Select from: Yes, to the extent that ExCo members are responsible for the delivery of corporate objectives which includes female representation. Targets have been met/exceeded consistently for the past number of years and is not therefore a significant challenge |
| 1b* Are you planning to introduce a link to pay in the coming year? | Non applicable |
| 1c* Please explain why your organisation does not have a link to pay | Not applicable |
| 2* How is pay for the senior executive team linked to the Charter target(s)? Please provide details of mechanism for link to pay: eg. • is it part of quantitative or qualitative measures or both; • if diversity targets are part of a balanced scorecard, indicate how many other criteria are on the scorecard • the percentage of pay to which the diversity target criteria applies • whether pay is linked to individual diversity criteria or group level criteria, or both |
Yes, to the extent that ExCo members are responsible for the delivery of corporate objectives which includes female representation. Targets have been met/exceeded consistently for the past number of years and is not therefore a significant challenge. |
| 3* Date from which link to pay took/ will take effect DD/MM/YY |
01/04/2019 |
| 4a* Has the mechanism for the link to pay changed since your previous submission to HMT? Yes/No |
Select from: • No |
| 4b* Please explain why and how the mechanism for the link to pay has changed since your previous submission to HMT | |
| 5a* Has the link to pay been effective? | Select from: • Yes |
| 5b* Please explain why the link to pay has not been effective | |
| 5c Where possible, please explain what "effective" means to your organisation. eg. a signal that diversity is part of executives' day jobs/a business issue, has led to the desired outcome of achieving targets, incentivised appropriate actions |
'Effective' for us is to positively impact the performance and culture of the FRC so that we have an inclusive working environment where diversity is valued. The measurement of change is through the representation within the organisation and the results of our people survey. We do not assume that pay is necessarily the key driver of change in this area. |
| 6* To whom does the link to pay apply? For example: Board Exco (or equivalent decision-making group) Exco – 1 (i.e. direct reports to exco and exco, as per FTSE Women Leaders definition) Exco – 2 Exco – 3 Other (please clarify, eg people managers, all colleagues) |
ExCo and job level pay band 6 (ExCo -1) |
| 7 If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | n/a |
Section I) Webpage dedicated to Women in Finance Charter
| Question | Answer |
|---|---|
| 1 Company URL where annual update is/will be published PLEASE NOTE: All Charter signatories are required to publish an update on their progress towards their target on their company website by Dec 31. Approval from HMT is not* needed before publishing. |
TO BE INSERTED |
| 2* Please provide the text for the annual update you intend to publish on your website. HMT's minimum requirements for the update are: • The target and deadline (as per the answers to Section F of this submission form) • Level of female representation in senior management (as per the answers to Section E), including the date of the data (eg. “as of September 20XX") • Whether or not the signatory has met/ missed the target (in the deadline year) OR is on track to meet its future target (as per the answers to Section F) • Historical datapoint(s) for female representation for comparison (eg at time of joining the Charter) Best practice would be for firms to publish their annual update on their website in the format “When we signed up to the Charter in XXXX DATE, we had XX% female representation, and our target was XX% by XXXX DATE. As of XXXX DATE we have XX% female representation in senior management. We believe we are/are not on track to meet our Charter target of XX% by our deadline of XXXX DATE.” |
The FRC became a signatory to Women in Finance Charter in 2018 which requires signatory organisations to set targets on female representation which for the FRC was a minimum of 33% of women in Senior Management, Executive, and Board level positions. For the past 3 years, the FRC has gone beyond this commitment and increased the female representation aspirations to 50% and this year the data shows the following i.e. that the • proportion of women across the Senior Leadership Team has increased from 60% to 62.9% • gender diversity on the Executive Team is majority female (71%) and |
| 3 HMT also encourages signatories to include a brief narrative statement explaining progress over the past year and expectations for the coming year. If your organisation does not publish an annual update on its website by the deadline, or if the update does not meet the minimum requirements outlined above, HM Treasury or New Financial will follow up in January to ask why this has not been published. |
• Board level representation continues to be above target at 40% Exceeding our targets is very positive and the statistics show that the percentage of women in leadership positions has increased since last year's charter submission. Being a signatory to the Charter is part of our commitment to Diversity, Equity and Inclusion at the FRC and this is highlighted in our new DE&I strategy which was launched earlier this year. We continue to work towards meeting all targets and progress will be monitored through our Diversity, Equity and inclusion Committee, ExCo and People Committee meetings. |
| If there is any further information relating to this section that you would like to submit to HM Treasury, please do so here: | None |
PLEASE NOTE: Pressing "Submit" at the end of Section I will submit the form to HM Treasury, and it will no longer be available to edit.