A powerful Commons committee is poised to reveal the findings of a six-month investigation into sexism in the City which is likely to be scathing about the culture that still exists at major financial institutions.
Despite years of reforms and quota targets, women say sexism remains endemic at banks large and small, with ageism also a problem for women in ways that are advantageous for men.
The all-party Treasury Select Committee chaired by Conservative MP Harriett Baldwin has been taking evidence from senior City women since October — some of it public, some private because the women involved did not want to be named.
The committee plans to release the report next Friday, March 8, to coincide with International Women’s Day.
It is likely to say that although some progress has been made, there remains a massive gulf between what City employers say about their gender friendly practices and the reality faced by women working in the Square Mile.
The Evening Standard has spoken to tens of women who work in the City, some of whom gave evidence to the Treasury Committee and others who have been campaigners on this issue for decades.
It is highly likely that the report will insist that major City watchdogs and trade bodies, including the Financial Conduct Authority and the Association of British Insurers, as well as individual firms up their game.
How much they are named and shamed directly is not yet clear.
What is clear is that taking part in the investigation was “not optional” for big firms. Those asked to provide evidence were ordered to do so.
Some of the women who gave evidence say that for the report to be meaningful, the Financial Conduct Authority must now:
1) Address male recruitment bias.
2) Educate male bosses about inherent sexism in the workplace.
3) Make more forward looking arrangements for women in maternity or going through the menopause.
The past year has seen a number of high-profile cases of sexual misconduct, most notably that of Crispin Odey, who was ejected from the company he founded after years of allegations came to the surface.
The women who gave evidence to the committee say these examples, while bad, are not all that women in finance face and that many of the major issues have not changed in decades.
Amanda Blanc, the CEO of FTSE 100 insurer Aviva, is one who gave evidence. She told the Standard:
“The issue here is that, clearly, there is not a pipeline of women who are coming through to senior management roles.
“We have to systematically look at all the component parts of what needs to be addressed, whether that is in recruitment, in the way we retain and promote women, in the culture and the behaviour or in the way that we then measure it.”
The testimony to the Treasury Committee that was given in private will be summarised, but remain anonymous, in the final report.
The committee had no comment.
