The UK’s Financial Conduct Authority (FCA) has set diversity and inclusion targets for its senior leadership team, as it aims to better reflect the country’s population.

It expects 45% of the team to be female by 2020, rising to 50% by 2025.

The regulator also aims for 8% to identify as black, Asian, minority ethnic (BAME) by 2020, reaching 13% by 2025.

“Every day we make judgements and decisions that affect almost everyone in the UK, so it’s vital that our people reflect the society we serve,” CEO Andrew Bailey said.

“I am proud of the FCA’s work to date on diversity. Setting targets for the FCA senior leadership team to be representative of the female and BAME UK populations is a logical next step.”

Currently 39% of the senior management team is female, while 3% are BAME.

The FCA, which signed the Government’s Women in Finance Charter in June, says it used Office for National Statistics data to set its targets.

“Encouraging diverse attitudes and opinions in our daily work makes us a stronger and more effective regulator,” Mr Bailey said.

Other signatories to the Women in Finance Charter include the Association of British Insurers, Lloyd’s of London, the Chartered Insurance Institute and Ecclesiastical Insurance.