TSB's commitment to HMT's Women in Finance charter - update

At TSB, we believe that businesses need to reflect the communities they serve. Only then, will they build the right business models, with the right culture that truly delivers for customers.

Since we signed up to the HMT Women in Finance charter in 2016, we have focused on delivering our aspiration of gender parity by making sure gender balance is driven at every level and in every part of the business.

But building an inclusive culture isn’t just the right thing to do; its fundamentally good business sense. Companies with a truly inclusive culture have been found to break groupthink and better understand customer need, resulting in higher customer share.

As the UK’s leading challenger bank, TSB believes that we should be the catalyst for change in the industry. That is why in July 2017, TSB was one of the first financial services companies to publish its gender pay gap in our ‘Gender Balance Matters’ report, openly highlighting what needs to change at TSB, and encouraging others across the industry to follow suit and challenge the status quo.

Since we published our gender pay gap figures, we have put in place key initiatives to start to tackle the causes of gender imbalance at TSB.

Our strategy for gender balance is focused on four key areas, as outlined in our Gender Balance Matters report:

  1. Attract more women to financial services and TSB

  2. Break down barriers for women

  3. Policies that deliver a sustainable long-lasting gender balanced and transparent culture

  4. Measure Partners’ experience and key metrics

And so far our approach to gender balance seems to be working:

  • Not only have we hit the Government’s target for 33% of boards to be made up of women, we‘ve exceeded it with a board that is 40% female.

  • Despite not being a FTSE 100 company, we have already met the Hampton-Alexander target for executives and their direct reports to be 33% female.

  • And we are seeing an improvement in our talent pipeline; we’ve already grown the proportion of female Partners in senior roles from 37% to 41%.

And, as part of our commitment to the HM Treasury’s Women in Finance Charter, we’ve made a commitment to have between 45-55% of our senior roles held by women – making us one of the most ambitious organisations on gender balance in financial services.

But there is still more for us to do.

For more information on how TSB is tackling gender imbalance take a look at our Gender Balance Matters report.

Our pledges to women in finance

As a signatory of HMT's charter we have made four pledges:

  1. To continue to have an Executive Sponsor for Gender Balance who is responsible and accountable for gender diversity and inclusion. Helen Rose, our Chief Operating Officer, has held this position since TSB's launch in 2013.

  2. To set gender balance ranges for the number of men and women we will aim to have at senior manager level. These are:

    • 45-55% of our top 150 Partners are female

    • 45-55% of our Partners in a senior manager position and above are female

  3. To annually publish our progress towards these long-term gender balance ranges.

  4. For our balance ranges to be included in our Banking Executive Committee members' balanced scorecards (performance agreements at TSB).

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