Select committee: Treasury Committee
Conclusion 2
Sixth Report - Sexism in the City
Published 8 Mar 2024
Paragraph 42
Addressed to HM Treasury
Treasury Committee Sexism in the City All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
There have been some positive signs of improvement in the senior representation of women in some firms and sectors within financial services since 2018. We commend both the Financial Conduct Authority and the Bank of England for leading by example in significantly increasing female representation at their most senior levels. But progress is still too slow and patchy, with some sectors in which there has been no improvement at all. It cannot be right, for example, that in 2024 just 12% of named fund managers in the UK are women.
From: Treasury Committee, Sixth Report - Sexism in the City (HC 240), paragraph 42, 8 March 2024
Government response
The government responded to the whole report on 14 May 2024 (deadline 8 May 2024).
Summary written by Accountability Index from the government's response. It is not the government's own words.HM Treasury, the PRA and the FCA each welcome the Committee's report, with HM Treasury agreeing with some recommendations but declining others, and the regulators saying they will consider the recommendations on data and targets as they finalise policy.
- On extending the Women in Finance Charter beyond senior representation, HM Treasury agrees a talent pipeline matters but is "unpersuaded" that expanding the Charter's scope is "the right way" to drive change, citing the burden on firms.
- On pay gap reporting, HM Treasury agrees that reporting alone will not reduce the gap, but believes it is "too soon to make changes" and does not consider mandatory action plans "fair or effective".
- On salary bands in job adverts, HM Treasury does "not believe that moving directly to legislation is appropriate at this time", saying it makes sense to first learn from other countries' experience.
- On data reporting and target setting, the PRA and the FCA each say they will consider the Committee's recommendations alongside consultation responses when finalising policy, and the PRA says "no decisions have yet been made".