Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to accelerate progress towards gender equality in the financial services industry.

The Government has a wide programme of work aimed at tackling gender inequality and supporting women in the workplace.

Since 2017, organisations with 250 or more employees have been required to publish specific data on their gender pay gaps annually, ensuring they are aware of their gender pay gaps and are taking steps to improve gender equality in their organisation.

The Government has taken action to ensure that working parents can balance work and care by expanding childcare entitlements, making flexible working simpler to access, and introducing carer's leave.

Regarding the financial services industry specifically, the Government has taken action to ensure the sector remains world-class, and as productive, innovative and competitive as it can be. In 2016, the Government launched the Women in Finance Charter, which aims to ensure that the right talent is being attracted to the sector and that the best and brightest can continue to rise to the top, regardless of their gender.

The Charter’s Annual Reviews have consistently shown that the Charter has stimulated positive progress across the sector. Participation in the Charter is voluntary, and the first wave of signatories to the Charter started out with an average level of senior female representation of 27%. The signatory base has grown since then and average representation now stands at 35%.

The Treasury Committee’s Sexism in the City inquiry recently made a number of recommendations to the industry, the regulators and Government to consider in order to accelerate progress. The Government will respond to the report and its recommendations in due course.