Almost half of UK financial services staff covered by Women in Finance Charter
By Jordan WilliamsA further 33 firms have signed up to the government's Women in Finance Charter to tackle gender inequality in financial services
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Some 33,000 extra staff are now covered by the scheme, with the latest signatories including VocaLink, the Royal Bank of Canada, Ageas UK, Pinsent Masons LLP, NS&I and Bank of America Merrill Lynch.
Since the charter launched in March last year, 122 firms have signed up, representing over half a million employees in the UK and almost 50% of the financial services sector.
So far, 77 financial services firms have committed to having at least 30% women in senior roles by 2021, and 23 firms have committed to a 50/50 gender split in senior roles by 2021.
The Gadhia review – which looked at the issue of unequal gender representation in financial services – found that in UK financial services women occupied around 23% of board positions, but only 14% of executive committees.
It is estimated that equalising the roles of men and women in the labour market could increase GDP by 10% by 2030.
Baroness Neville-Rolfe, the commercial secretary, said: “I know how difficult it can be for a woman to get the recognition she deserves and achieve her potential.
“And in financial services particularly, women progress too slowly or they leave the sector completely.
“We have made a strong start – the first anniversary of the Women in Finance Charter sees 122 firms seizing the competitive advantage by tackling sex inequality head on.
“But this is just the beginning.
“The financial industry is famed for its ability to identify opportunities to improve productivity.
“The Women in Finance Charter is one of those opportunities.
“It offers the chance to increase diversity of thought and for the financial services sector to better reflect the society it serves.
“This is why I encourage firms across the UK to step up and sign the charter.
On 29th June, HM Treasury, in partnership with GrowthBusiness.co.uk, What Investment magazine and Virgin Money, will jointly launch the inaugural Women in Finance Awards at the Savoy in London.
To find out how the financial industry is encouraging more female role models read the Editor's Letter on Bridging & Commercial.
Keywords: Women in Finance Charter, financial service, government, Baroness Neville-Rolfe, Women in Finance Awards, VocaLink, the Royal Bank of Canada, Ageas UK, Pinsent Masons LLP, NS&I, Bank of America Merrill Lynch,