1.The Treasury Committee launched its Women in Finance inquiry on 19 October 2017 to:
2.The Committee held the following oral evidence sessions:
3.Jayne-Anne Gadhia, Chief Executive Officer, Virgin Money. In 2015, Jayne-Anne Gadhia was asked by the then Economic Secretary to the Treasury, Harriett Baldwin, to lead a review into the representation of women in senior management in the financial services industry. Following the review, the Treasury launched the Women in Finance Charter, with Jayne-Anne Gadhia as the Charter’s champion.
4.Kate Grussing, Founder and Managing Director, Sapphire Partners; Michael Henning, Head of Investment, Mason Blake; and Jon Terry, Partner, PricewaterhouseCoopers.
5.Anne Richards, Chief Executive Officer, M&G Investments; Amanda Blanc, Group Chief Executive Officer, AXA UK; and Susan Allen, Head of Retail Distribution, Santander UK.
6.John Glen MP, Economic Secretary to the Treasury; and Victoria Atkins MP, Minister for Women.
7.Throughout the inquiry, the Committee received 28 written submissions.
8.On 21 February, the Committee held an engagement event where Members and staff met with 42 women from across the financial services industry. They represented approximately 20 financial firms and included women of various levels of seniority, as well as representing a mix of back and front office parts of their business.
9.The Committee ran a discussion forum on Mumsnet to obtain further views on women’s representation and progression in finance.
10.This report sets out the Committee’s conclusions on the current levels of diversity in the financial services sector, the benefits of gender diversity, the barriers to gender diversity, the financial services industry’s initiatives to improve gender diversity, the Government’s initiatives and the representation of other forms of diversity in finance.
Published: 13 June 2018