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According to the latest Women in Finance Charter report, the number of women in leadership positions in the financial industry is on the rise.
The analysis shows that the representation of women in leadership positions among the more than 400 firms that have signed the charter has risen to 35% in 2022. For comparison, in 2021 and 2020 this figure did not exceed 33%.
Nearly three-quarters of the signatories have increased the proportion of women in senior leadership and continue to work towards their goals of further increasing this proportion.
For the first time in the top quarter of firms, at least 40% of women are in leadership positions, while half of the listed firms continue to strive for this milestone.
The Charter for Women in Finance was launched by the UK Treasury in 2016, calling on firms to achieve gender balance in financial services.
To date, more than 400 firms have signed the voluntary charter, from global banks to credit unions, from the largest insurance companies to the smallest fintech startups employing more than a million people.
Each year, HM Treasury teams up with think tank New Financial to report on the progress companies are making towards their goals.
The latest review found that 77% of signatories either increased (71%) or maintained (6%) their share of women in senior management in 2022, bringing the total to 35%.
The news was warmly received by women in the mortgage lending industry.
Brightstar Group Director of Human Resources Development Claire Jupp said: “It is fantastic that in 2022 the number of charter signatories is recovering from a fairly flat 2021. at least 40%.
“At The Brightstar Group, we have achieved all of our goals since inception in 2016 and are pleased not only with that, but with the fact that we have encouraged and supported so many other organizations in their application and membership to the Women’s Financial Charter. . What gets measured gets done, so I encourage other organizations that are serious about achieving gender balance to sign the charter if they haven’t already.”
SmartSearch COO Collette Allen adds: “The news of more women in leadership roles in the financial services industry is certainly encouraging. While the news of progress is positive, we must ensure that any promotion is a recognition of hard work and high performance, not a countdown. To deliver great products and services, businesses must lower barriers for all employees to reach their potential, allowing them to find, hire and retain the best people for the job.
“This has been fundamental to our approach at SmartSearch, where we have gone a long way to ensure that the gender inequality that is institutionalized in other organizations and sectors does not exist in our business. In fact, we now have a gender separation at all levels of the business, including our senior management team.”
For Landbay, the issue of women in finance has become part of the company’s DNA.
Landbay HR Director Naomi Braceby says: “Landbay joined the Women in Finance Charter in 2017 and she has become part of our DNA. Our goal for 2022 was to have women in 35% of leadership roles, but we have surpassed it and now it is 40%.
“We have two women on our executive team, which ensures that women are represented at the top level of the business. For any additions to the executive management or board of directors, at least one woman must be shortlisted. As part of our recruitment process, there is at least one female representative in each interview group. All senior leaders have been trained in the principles of fairness, diversity and unconscious bias as part of their leadership development.”
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