The Young Fabians Finance Network, in partnership with Labour in the City and supported by the Institute of Chartered Accountants for England and Wales (ICAEW), has launched a new report exploring policy solutions to the barriers women face to equal representation in the City.The report was launched at a reception in the City on March 2nd, at which Seema Malhotra MP, Shadow Chief Secretary to the Treasury, and Sharron Gunn, Executive Director, ICAEW, who both contributed to the report, were guest speakers. 

“Women in Finance – Is Parity a Pipe Dream?” includes contributions from the CBI, Social Market Foundation, the Women’s Business Council, ShareAction, Mentore Consulting, and The Finance Innovation Lab. Key recommendations in the report include: 

• Greater focus on mentoring and sponsorship
• Cultural change to encourage Shared Parental Leave
• Detailed company reporting of gender pay gaps
• Establishing the business case for diversity
• School-based programmes to educate young girls about City careers
• Embracing flexible working with new technology

Sophia Morrell, vice chair of the Young Fabians Finance Network and editor of the report, said: 

“In recent months, there has been significant momentum on this issue which is hugely encouraging, particularly with the targeted inquiries of the Women and Equalities Committee, improvements in board representation and the imminent publication of the Gadhia Review. However, there is still considerable work to be done to create a chance of parity for the generation of women entering the industry today. 

“We wanted to contribute actionable policy ideas to the discussion from a range of voices, to help policymakers and the industry consider the critical next steps we can all take to bring about change. Financial services are the wheels and cogs of how capital allocation decisions are made in the UK, so the exclusion of women from senior management in the City has serious consequences for the economy and society.”

The report forms part of the new “Women in Leadership” series launched by the  Young Fabians to coincide with International Women’s Day – more information is available here.