A ‘Women in Finance’ inquiry has been launched by the Treasury Committee, to identify the barriers to women within the financial services industry.
The Treasury Select Committee (TSC) will look at the gender balance in the financial industry and try to establish why women are less likely to occupy senior roles.
The inquiry will focus mainly on Women in Finance Charter, but will also look at the role of the government and financial regulators as to whether they set a good example regarding gender diversity.
Launched in 2016, the Women in Finance Charter asks financial firms to commit to four industry actions to build the female talent pipeline for leadership positions. The Charter’s innovative approach has been an unprecedented success with some of the UK’s biggest and most well established firms signing up.
According to figures released in May, almost half of the UK’s financial services staff are now covered by the Women in Finance Charter. Since the Charter launched, 77 financial services firms have committed to have at least 30 per cent women in senior roles by 2021 and 23 firms have committed to a 50/50 gender split in senior roles by 2021.
Speaking about the launch of the inquiry, Nicky Morgan, Chair of the Treasury Committee said, “More women that men are employed in the financial services sector, but female representation at senior levels has been historically low.”
“Gender diversity across job grades and functions delivers benefits to firms, society and the wider economy.”
“As part of this inquiry, the Committee will scrutinise the progress of the Treasury and firms against the Women in Finance Charter.”