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Select committee: Treasury Committee

Recommendation 36

Sixth Report - Sexism in the City Published 8 Mar 2024 Paragraph 168 Addressed to HM Treasury

Treasury Committee Sexism in the City All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗

Recommendation (the committee's words)
In the meantime, we recommend that the FCA collect data on the use of NDAs by regulated firms in cases of non-financial misconduct. This will provide a more detailed, quantitative picture of the extent of their use in financial services in harassment cases, which could provide valuable evidence to support further action.

From: Treasury Committee, Sixth Report - Sexism in the City (HC 240), paragraph 168, 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".

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