Gender pay gap report

Scroll down
Scroll down

At United Trust Bank (UTB) we value and encourage the multiple perspectives that contribute to an inclusive culture in which everyone’s opinion is valued and heard. We believe that to retain and attract the very best people, a culture which reinforces a sense of belonging and community is critical to our success. We continue to channel our efforts to make sustainable change to our employee demographic over the long-term.

This is the third year that we are publishing our Gender Pay Gap results, and I am very pleased to see that the actions we are taking are having a direct impact on our Pay Gap. In 2023 we saw a decrease in our gender pay gap, both from a mean and also a median pay perspective (both reducing by 3%). While we have seen promising improvement in our statistics, we still have a gap to address. We recognise that we are on a journey and I remain committed to ensuring that we continue to take accountability for building a more gender diverse workforce at all levels.

As is common in the wider financial services industry, our Gender Pay Gap continues to be influenced by the underrepresentation of females in senior management roles which, by their nature, attract the highest total reward packages. As an industry, we must do more in this area and so, in partnership with my senior leadership team, HR and colleagues, we remain committed to identifying and delivering key initiatives to attract more women into these senior roles and closing the gap over time.

We are pleased to have seen improvements in the gender diversity of our employees, including senior employees. Over the last 12 months we have welcomed women into several key senior appointments, both via internal promotions and through external hires. These include the roles of Head Corporate and Company Secretary (Group), Sales and Marketing Director (Mortgages), Head of Sales (Bridging), Head of Unregulated Underwriting (Bridging), Head of Regulated Underwriting (Bridging) and the Director of Credit. We expect that as we continue to build upon these successes, we will start to see further improvements. However, our reported statistics this year are again influenced by a historic long term share incentive award which was granted over 5 years ago. If the effects of these were removed, our statistics would be aligned to the results in 2021

We are particularly proud of our Diversity and Inclusion Committee and the Forum that drives our annual agenda of initiatives. They bring together senior managers and employee representatives to lead, guide and support the Bank’s diversity and inclusion agenda. This dedicated group of colleagues help to create an inclusive environment through raising awareness and education designed to support us all in understanding one another, appreciating the real value of our diversity, and how we can best support each other to thrive. This report covers other key actions that our business is taking to further support our diverse talent, our vibrant and inclusive culture and, in particular, our gender diversity.

In addition to confirming the accuracy of this data, I would like to thank everyone at UTB who is engaged in delivering our vision of an inclusive, exciting and inspiring place to work. I believe that united we go further, and I am proud to be taking this journey with such a committed group of colleagues.

Harley Kagan Chief Executive Officer

What is the gender pay gap measuring?


The Gender Pay Gap is a measure of the difference between the average pay of men and women and does not take into consideration the type or seniority of the roles they perform.

This is different to equal pay, which relates to men and women being paid equally for equal work.

At UTB, we review our pay annually to ensure that our people are paid fairly and equitably based on their role, skills and experience. This is analysed formally during the pay review process and reviewed by the Remuneration Committee.

Gender representation by pay quartiles

Gender pay and bonus gap

*This statistic is distorted by historical long-term incentives. Excluding these, the Mean gap reduces to 62%.


Proportion receiving bonus


How we are closing the gap


Menopause Support

At UTB, we understand the importance of providing the right support for our employees when they need it. In 2023 we launched our menopause policy. The aim is to raise awareness and provide support to employees who are impacted by the symptoms of menopause, recognising the day-to-day challenge this can have on life both within and outside of work.

We further support female employees impacted by the menopause with a 12-month BUPA menopause support package. This includes personal menopause consultations with a specialist GP who can help identify symptoms, answer any concerns, and advise on treatments or next steps. Employees also have access to Peppy, a digital health app through which employees are able to connect with NHS-trained menopause practitioners as well as other women going through similar experiences.

“When I started working in the financial services industry, 20 years ago, most of the people at the top were male and I think this has changed dramatically over the past two decades. Now that we have many more female role models, there’s much less gender discrimination and inequality in the industry.

United Trust Bank is a very good example of an organisation that has a focus on ensuring that there are women in executive and senior leadership roles and it is certainly recognised that proportionate gender diversity has a positive impact on performance as well as improved decisioning. In fact, in the mortgage department, 57% of us are women, which clearly illustrates the Bank’s commitment to becoming a leader in gender diversity.

The flexible working patterns which encourage balance of both work and family commitments, and UTB’s big focus on education and continual development, are certainly part of the success of UTB’s improving gender balance. I think that having a good gender balance is not just beneficial from a commercial point of view, but also because it contributes to a much more interesting workplace where different views, experiences and ideas can be exchanged freely. I feel that I am very fortunate to work in a company that embraces diversity – I have certainly made a great career choice and feel very proud to be part of the UTB family.”

Caroline Mirakian, Sales & Marketing Director – Mortgages (joined UTB in 2023)

Maternity Coaching

UTB have partnered with 10Eighty to provide first time mothers with bespoke 1-to-1 maternity coaching to support them though the transformation that becoming a parent can have on your life, both within and outside of the workplace. We want our returning parents to continue to thrive when they return to UTB after their leave, and maternity coaching helps support our new mothers on their journey to parenthood at each stage of the transition (before going on leave, during leave, and re-engagement prior to returning to work).

Maternity pay

We offer 18 weeks of maternity leave at full pay. We want to support our colleagues during a really exciting time in their personal journey and ensure our employees feel confident and able to return to work with us.

International Women’s Day

To celebrate International Women’s Day, all employees were invited to a company-wide social networking event to launch our new Women’s Network, Ellevate. Ellevate has been set up by one of our senior female employees to help further build on and strengthen these valuable and supportive connections and build successful careers. Overall the event provided a great opportunity for women to socialise together, helping to build and strengthen their relationships.

Women in Business and Finance Association

UTB are proud to be members of the Women in Banking and Finance association (“WIBF”) which supports the development of opportunities for women in the banking industry. The WIBF provides members with access to industry thought, insight and education. It also aims to help women from diverse socio-economic backgrounds break into banking and financial service industries and to empower those already in place to reach their full potential. So far, 18 female UTB employees have been given personal membership to the WIBF, which has been very positively received. The Bank hopes our membership will contribute to attracting, retaining and supporting our female employees to thrive.

Our inclusive culture

It is encouraging that 90% of those who took part in our most recent annual employee survey agreed that ‘UTB is an inclusive place to work’. This figure has increased by 5% over the last 12 months, indicating that the initiatives we have undertaken across the company are helping to build greater inclusivity.

Leadership programme

During 2023, UTB ran a leadership programme, ‘Stepping into Management’, for 16 of our high potential employees who are new to managing others. 63% of those on the programme were women, and this is one of the ways we are looking to build a strong base of future female leaders within UTB.

“I’ve worked at UTB for over 10 years now, and the Bank has supported me through all stages of my journey, in particular since becoming a mum. I feel able to have open and honest conversations with senior leadership members around achieving a healthy work/life balance as a working mum in a demanding role. UTB’s support network, both formal and informal, has been invaluable throughout my career so far, and has certainly been a contributor to my success and progression to becoming Head of Department.

I am excited to have recently launched UTB’s Women’s Network, Ellevate, which I hope will provide lots of opportunities to women across the Bank in years to come.”

Hollie Patas, Head of Finance (joined UTB in 2013)

Our Wider Diversity & Inclusion Policies


We offer a comprehensive range of workshops and events to help promote the health and wellbeing of our employees

We provide an Employee Assistance Programme which gives the Bank’s employees and their families personalised support when it is needed

We provide access to a 24/7 online GP service and a health portal for all employees. This includes access to many useful health and wellbeing resources, including specific four-week plans to help improve health and wellbeing

We offer a confidential one-to-one financial coaching programme via a third party provider.

Mentoring Programme

Following the success of the mentoring pilot, we launched the mentor programme to all employees at UTB. This year, we are pleased to see a significant proportion of our Senior Leadership Team volunteering to become mentors to support the career growth of our more junior employees across the business.


Flexible Working

We have a flexible working policy in place, allowing all employees to benefit from hybrid working and enable them to achieve a better balance of their work and home lives.

Equality Data collection

The Bank collects, on a voluntary basis, data of gender, ethnicity, religion/belief, gender, sexual orientation, disability and caring responsibilities. The purpose of collating this data is to be able to form an accurate understanding of our employee profile, to see the progress we are making in building a diverse workforce, and to ensure that there are no biases in our people processes.

“If you are a woman working in the real estate finance sector, you are considered to be in a minority, and trying to progress to a senior position in the sector is often very difficult. However, UTB opened the door to my true potential, and here, being a woman and a mother was not a barrier to getting a promotion. Working for an organisation that is willing to take steps to change their workplace culture has had a huge influence on my career and my motivation to succeed. UTB’s flexible and hybrid working style shows that they value people’s lives outside of work, and has allowed me to balance responsibilities as a parent while still having the opportunity to outperform at work.”

Helen Fordham, Deputy Head of Operations – Property Development (joined UTB in 2016)