Select committee: Treasury Committee
Conclusion 9
Sixth Report - Sexism in the City
Published 8 Mar 2024
Paragraph 75
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)
It is clear that maternity remains a significant barrier to women in financial services, with too many women leaving the industry after having children. We have heard that increased availability and take-up of paternity leave and shared parental leave by men can have a significant impact on reducing this barrier by fostering a more equal sharing of childcare responsibilities. Increased transparency around the maternity, paternity and parental leave offered by firms would also incentivise improvement in this area and allow both men and women to take account of these policies when moving roles, without having to ask for them during job interviews.
From: Treasury Committee, Sixth Report - Sexism in the City (HC 240), paragraph 75, 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".