MPs have launched an inquiry into sexism in the financial services sector, and how harassment and misogyny in the City can be addressed.
The Sexism in the City inquiry will run until 1 September 2023 (final session in January 2024), and is led by the Treasury Committee, chaired by Conservative MP Harriet Baldwin.
It will explore the role of government and industry regulators “in acting as gender diversity role models”, progress made in removing gender pay gaps, and whether cultures and policies support women’s career aspirations.
A previous inquiry in 2018 called for the abolition of “alpha-male” cultures and for financial services to remove the stigma of flexible working among senior male executives in a bid to narrow pay gaps.
Sexism in the City
Sexual harassment: creating a culture where staff can speak up
Baldwin said: “As a committee, we’d like to know whether women feel more supported in the financial services industry than at the time of the previous committee’s inquiry five years ago.
“We’ll be investigating if enough work has been done to build more supportive workplace cultures, how harassment and misogyny can be addressed, and the role the Government and regulator should play in role modelling behaviours.
“Has the culture in this highly paid sector shifted at all in the last five years?”
The City has been rocked by a number of sexism and harassment scandals in recent months, including Odey Asset Management, whose boss Crispin Odey was removed amid a series of allegations of sexual harassment and assault.
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One of the focuses of the inquiry will be how employers can offer effective ways for staff to escalate concerns about sexual harassment.
The gender pay gap in financial services is also one of the worst in the UK, standing at 26.6% versus the national average of 12.1%.
