Creating a fairer Britain
The Commission welcomes the report of the Treasury Select Committee 'Women in the City'. The Commission was grateful for the opportunity to provide both written and oral evidence to the Committee during its inquiry and is pleased that much of its findings reflect what the Commission found during its own inquiry into the finance sector.
What is clear is that urgent action is needed to address both the barriers that women face in progressing their careers in the finance industry and the gender pay gap, which is larger than any other sector in the economy.
The Committee’s report confirms that finance organisations need to take action to bring down arbitrary barriers and change practices that, intentionally or not, inhibit women’s success. As the Committee has recognised, these actions include conducting regular equal pay audits and implementing flexible working practices which employees feel they can take advantage of without damaging their prospects. By doing this, finance organisations have the chance to boost morale, bring on new talent, and maximise the potential of their existing employees.
The Commission will continue to work with companies in the finance industry and the Financial Services Authority (FSA), and any successor bodies, to take forward the recommendations of the Commission’s own inquiry and to support progress in this area. Further details are set out below in response to the Committee’s specific recommendations for the Commission. Our response is designed to highlight the Commission's ongoing work in this area and provide some clarification around the research methods and data used by the Commission.
Download the full response (Word)