Bank of England plans to remove “gendered language” from all banking regulation
The Bank of England plans to remove “gendered language” from its regulation of managers in the banking and finance sectors.
The Bank’s Prudential Regulation Authority (PRA) will change the Senior Managers and Certification Regime (SM&CR), the rules governing who bankers, insurers, and other finance managers behave, according to a consultation document published today.
The regulation and various forms currently refer to “chairmen” in passages of regulation relating to the governing firms and committees. The change will also affect the use of “his/her” to address people.
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Meanwhile, “grandfathering” – bringing old laws across into a new regime – will be known as “conversion” from now on. “Grandfathering” has featured prominently in recent discussions of laws and regulation post-Brexit, as the government and regulators convert EU law into UK law.
The Bank will use further consultations to remove “all gendered language”, a spokesperson said.
The regulator’s consultation said: “The PRA considers this to be an appropriate time to make these additional changes in the interests of efficiency and to expedite future amendments to forms.”
The Bank decided to make the changes alongside its efforts to rationalise the forms and other documents after extending the SM&CR to insurers.
The Bank has recently faced criticism over its attitude to gender diversity. Nicky Morgan, the former Cabinet minister who heads the Treasury Select Committee, last month warned it needed to improve diversity at the top of the organisation.
The gender pay gap at the Bank came in at 24 per cent in November, which it said reflected the presence of more men in senior roles.
The Bank has also faced campaigns in the past to put women on its £10 notes, resulting in the addition of Jane Austen to the tenner this year.
Read more: The new tenner goes into circulation today: Here’s what you need to know