Representatives at the inquiry included the trade association UK Finance, the Alternative Investment Management Association (AIMA), and the Association of British Insurers (ABI).
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On Wednesday, a parliamentary committee heard that little progress has been made to promote gender equality in the City’s financial services sector.
MPs questioned representatives from the sector about the role that firms play in resolving a culture that disadvantages women.
Representatives at the inquiry included the trade association UK Finance, the Alternative Investment Management Association (AIMA), and the Association of British Insurers (ABI).
Yvonne Braun, Director of Policy for ABI, remarked that popular perception of the industry also plays a role in the lack of progress.
She says Martin Scorsese’s 2013 film The Wolf of Wall Street is an example of the industry’s negative treatment towards women.
The film perpetuates the image of a male-dominated work environment in which women struggle to progress.
(Women still find themselves navigating an ‘alpha-male’ culture at firms in London’s financial district. / Credit: Associated Press)
The Citywire Alpha Female report, published in September, found that 6.2% of new funds were given to female managers in the last year.
The figures also show that just 11.8% of portfolio managers in the UK are women. This is in comparison to 84% of funds run solely by male managers or with all-male teams.
The number of funds run by a female manager alone is “at an all time low”.
Citywire suggests that it would take 147 years to reach gender parity in the financial services sector.
The Treasury Committee introduced the Women in Finance inquiry in 2017. This was done to address the obstacles women face entering and advancing their careers in the financial service industry.
The inquiry’s first meeting took place last month. In it, representatives from women’s advocacy groups provided evidence from women working in the financial service sector.
The second meeting, on Wednesday, also examined the responsibility of financial regulators to implement strategies to support women’s progress.
This was revisited to examine whether there has been any change in the last five years. This is because the Women in Finance inquiry was first published in 2018.
Harriett Baldwin MP, The chair of the committee, reflected on the evidence. She remarked that there has been little to no change in the last five years.
This is despite many firms recently adopting Diversity, Equity and Inclusion initiatives.
John Baron MP said the “pace of improvement was not good enough by any stretch of the imagination.”
Karen Northey, Director of Investment Association, agreed that the sexist “old boys” culture needs to change, particularly within individual firms.
The culture was labelled as an obstacle impeding female progress in the industry.
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Headline‘Little to no’ progress made in promoting gender equality in the City
Short Headline'Little to no' progress in promoting gender equality in the City
StandfirstThe Commons Treasury Committee found ‘painfully slow’ levels of tackling sexism in financial services.
On Wednesday, a parliamentary committee heard that little progress has been made to promote gender equality in the City’s financial services sector.
MPs questioned representatives from the sector about the role that firms play in resolving a culture that disadvantages women.
Representatives at the inquiry included the trade association UK Finance, the Alternative Investment Management Association (AIMA), and the Association of British Insurers (ABI).
Yvonne Braun, Director of Policy for ABI, remarked that popular perception of the industry also plays a role in the lack of progress.
She says Martin Scorsese’s 2013 film The Wolf of Wall Street is an example of the industry’s negative treatment towards women.
The film perpetuates the image of a male-dominated work environment in which women struggle to progress.
(Women still find themselves navigating an ‘alpha-male’ culture at firms in London’s financial district. / Credit: Associated Press)
The Citywire Alpha Female report, published in September, found that 6.2% of new funds were given to female managers in the last year.
The figures also show that just 11.8% of portfolio managers in the UK are women. This is in comparison to 84% of funds run solely by male managers or with all-male teams.
The number of funds run by a female manager alone is “at an all time low”.
Citywire suggests that it would take 147 years to reach gender parity in the financial services sector.
The Treasury Committee introduced the Women in Finance inquiry in 2017. This was done to address the obstacles women face entering and advancing their careers in the financial service industry.
The inquiry’s first meeting took place last month. In it, representatives from women’s advocacy groups provided evidence from women working in the financial service sector.
The second meeting, on Wednesday, also examined the responsibility of financial regulators to implement strategies to support women’s progress.
This was revisited to examine whether there has been any change in the last five years. This is because the Women in Finance inquiry was first published in 2018.
Harriett Baldwin MP, The chair of the committee, reflected on the evidence. She remarked that there has been little to no change in the last five years.
This is despite many firms recently adopting Diversity, Equity and Inclusion initiatives.
John Baron MP said the “pace of improvement was not good enough by any stretch of the imagination.”
Karen Northey, Director of Investment Association, agreed that the sexist “old boys” culture needs to change, particularly within individual firms.
The culture was labelled as an obstacle impeding female progress in the industry.
