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 businesses 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 2020, the mean gender pay gap was 16% (2019: 18%), and the median (mid point) pay gap was 10% (2019: 9%).

The data at 5th April 2020 for bonuses shows that the mean bonus gap was -2% (2019: 10%), and the median bonus gap was -10% (2019: 13%) – ie the mean and median bonus for females is higher than males. 13% (2019: 18%) of males receive a bonus, and 3% (2019: 2%) of females.

Across the pay quartiles, in the lowest quartile (quartile 1), 55% (2019: 52%) are female and 45% (2019: 48%) are male. In the second quartile, 50% (2019: 51%) are male and 50% (2019: 49%) are female, in the third quartile, 60% (2019: 57%) are male and 40% (2019: 43%) are female, and in the top quartile, 71% (2017: 71%) are male and 29% (2019: 29%) 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.

Andrew Galbraith