Asset managers and insurers have joined banks and bodies such as the Chartered Insurance Institute (CII) and Financial Conduct Authority (FCA) in signing up to the government’s Women in Finance Charter.
Insurers are the biggest signatories with 15 firms signed up, including Standard Life and Legal & General.
Several asset managers have also put their names to the charter, including Aberdeen Asset Management and BlackRock.
Banks Include Royal Bank of Scotland and Santander.
The Association of British Insurers and government-backed pension scheme the National Employment Savings Trust (Nest) have also signed
The full list can be seen here.
The advice profession will be affected by the charter, not least through the involvement of the Personal Finance Society (PFS), which has signed up with the CII.
The PFS’s membership is dominated by men, 78% (28,202) to 22% women (7,905).
Writing for New Model Adviser® last month, PFS chief executive Keith Richards said the profession requires greater diversity to meet the changing needs of the public and growing demand for advice.
The PFS and CII are developing their own initiates to support women in financial services from both a sector and consumer perspective, he said.
Citywire’s own research also revealed the gender imbalance within fund management.
In the UK just 9% of fund managers are women and only 6.4% of assets are run solely by female fund managers (6.3% by mixed teams).
This compares unfavourably with a country such as Spain, where 27% of fund managers are women, running 25% of assets (7.4% by mixed teams).
The full Alpha Female report can be read here.
Harriett Baldwin (pictured), the economic secretary to the Treasury said: ‘It is fantastic that 72 firms have signed up to the Women in Finance Charter. By signing the charter, firms are committing to driving change at the senior levels of the male-dominated financial services industry.’
The charter commits signatory firms to do the following things:
- have one member of the senior executive team who is responsible and accountable for gender diversity and inclusion;
- set internal targets for gender diversity in senior management;
- publish progress annually against these targets in reports on their website;
- have an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.