Bank of England Makes Double Female Appointment

Friday, 4th January 2019

The two women are some of the most senior females in the British banking industry, and they are now joining the bank as external committee members for the Financial Policy Committee.

The bank had been the subject of parliamentary scrutiny because of the lack of women in its senior ranks. It currently lacks any female deputy governors, and had just four female members in its three key policymaking committees prior to these recent appointments.

Dame Jayne-Anne was on the New Year honours list, and has an impressive CV, including having been the chief executive of Virgin Money. Dame Colette, meanwhile, was the chair of the Banking Standards Board, which was set up in 2015 with the goal of improving the culture of the industry, following a series of scandals around PPI.

The Financial Policy Comittee was set up because of the financial crisis. Mark Carney servces as the chair of the committee, and Elisabeth Stheeman was the first (and until now only) female member of the committee. The Bank of England is aiming to have 35 percent of its senior management positions occupied by women as of 2020. They have come under fire for continuing to appoint male applicants even when there are a large number of female applicants for various positions, calling their hiring practices into question.

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