The Old Lady of Threadneedle Street may soon be identified in less gendered terms as the Bank of England’s regulatory unit vows to address its use of personal prefixes and other terminology.
The Prudential Regulation Authority will render ‘chairman’ as ‘chair’ and will cut down on its use of terminology such as ‘grandfathering’ – the practice of passporting people into regulatory regimes, the BBC reported.
The Bank of England has faced questioning about it hiring and appointment practices due to the absence of women in senior positions. Just one woman serves on its nine-member monetary policy committee, professor Silvana Tenreyro of the London School of Economics, who joined in June.
Deputy governor Charlotte Hogg had to step down at the beginning of this year after she was found to have not disclosed her brother’s employment at Barclays, a regulated business.
Treasury committee chair Nicky Morgan also submitted questions to the chancellor about the bank’s equality policies after it revealed male staff were paid 25% more than women, one of the largest gender pay gaps in the UK.