We have reported to HM Government the data required by them for firms employing more than 250 people.
The pay gap the data demonstrates is caused by the fact that there are more males than females in management and senior leadership positions (that attract higher pay) across the business; a fact and challenge seen across nearly all financial service firms and business as a whole. The pay gap is not caused by unequal pay for men and women in the same roles and with similar experience.
The gender pay gap is a situation that we, and society as a whole, are anxious to address as for us it is critical to the ongoing success and future of our business.
Based on the average hourly rates of pay at 5th April 2019, the mean gender pay gap was 18% (2018: 23%), and the median (mid point) pay gap was 9% (2018: 12%).
The data at 5th April 2019 for bonuses shows that the mean bonus gap was 10% (2018: 45%), and the median bonus gap was 13% (2018: 61%). 18% (2018: 13%) of males receive a bonus, and 2% (2018: 9%) of females.
Across the pay quartiles, in the lowest quartile (quartile 1), 52% (2018: 54%) are female and 48% (2018: 46%) are male. In the second quartile, 51% (2018: 52%) are male and 49% (2018: 48%) are female, in the third quartile, 57% (2018: 56%) are male and 43% (2018 :44%) are female, and in the top quartile, 71% (2018: 76%) are male and 29% (2018: 24%) are female.
We are committed to developing the best talent across the company, as well as being inclusive for all employees, and have implemented a number of initiatives to encourage a better gender balance within the business.
I confirm that the above information is accurate.