FCA executive Sheldon Mills disclosed that he has personally experienced racism and discrimination during his career and called on firms to do more to promote black inclusion on Stephen Lawrence Day.

The executive director for consumers and competition stressed the business case for improving diversity among senior staff in a speech today marking the anniversary of the teenager’s death in 1993.

He referenced a report out today by the think tank New Financial on “Accelerating Black Inclusion”, which highlights the discrimination faced by Black people in senior positions in financial services.

He said: “I recognise many of the experiences that come through in the research from my own career. 

“As a black man, I have experienced racism and been impacted by the lack of availability of opportunity and resulting outcomes that many black people face in the UK.”

Mills pointed to the fact that there are few Black people in senior roles across the financial services industry.

Only 10 out of 297 chairs, chief executives or finance chiefs of FTSE100 companies are from ethnic minority backgrounds and none of these are Black for the first time in six years.

Meanwhile less than 1% of investment managers are Black.

This compares to a Black population of 3% in the UK and of more than 13% in London.

Yet research suggests the most ethnically diverse companies are 35% more likely to outperform the least diverse, he said.

Commenting on the experience of Black people in the workplace, Mills said: “It may not be overt racism that they face, it’s more subtle and insidious – whether that is individuals being surprised because black people speak a certain way, assuming they are the most junior team members or asking them to make the tea. 

“Maybe it’s the black woman being told she is aggressive or confrontational, when the white woman is told she is confident and assertive, or the person turned down for the role because of a ‘lack of polish’ or they weren’t the right ‘fit’.

“Data helps to drive transparency and action, and we need more data on black inclusion, but it’s important that we also listen to the voices behind the numbers. 

“Let me be very clear, that is still racism. 

“It has the direct effect of undermining black people, it makes us feel self-conscious and question whether we can bring our whole selves to work or if we have to moderate our behaviour to fit in. 

“All things that impact how hard we have to work, and the hurdles we have to overcome to be successful.”