14 firms leave Women in Finance Charter 

A record 400 firms have signed up to the Treasury-backed Women in Finance Charter but 14 firms have left the scheme as progress slows.

The Treasury says over 400 businesses are now signed up for the Charter which aims to break down barriers for women to be promoted at finance firms.

The 400 firms now part of the scheme mean that 1m million employees are working for firms now signed up to the Women in Finance Charter.

Despite the advances, Women in Finance champion Amanda Blanc, the chief executive of Aviva, said she was concerned about signs of the process stagnating.

She said female representation in senior management in the financial services sector has remained flat at 33%.

She said: “I am concerned to see progress stagnating. Frankly, up to now there has been too much tinkering at the edges and not enough fundamental change. Be in no doubt, major change in this area is tough – but it’s crucial we get it right. There are some glimmers of hope with more ambitious targets being set and met. But for the sake of women, companies and society, we’ve got to work quicker and harder.

“The average level of female representation in senior management within the industry has remained flat at 33% in 2021 compared to 2022. Two-thirds of signatories either increased or maintained their proportion of women in senior management. While progress has been made, there is more work to be done to ensure greater representation of women in senior roles in financial services.”

In its latest list the Treasury revealed that 45 new firms have signed up to the Charter including Lucas Fettes & Partners, Octopus Investments, Openwork Partnership, River & Mercantile Group, Stonehage Fleming, Tallaght Financial Limited, Tatton Asset Management and Tilney Smith & Williamson (now Evelyn Partners).

However 14 charter signatories were removed from the scheme on 23 June including the Bullionblock Ltd, Glenhawk, the Income Protection Task Force and Wealth Matters Ltd.

Firms signing up to the charter pledge support the “progression of women into senior roles in financial services, set internal targets to improve diversity and publicly report on progress.”

The Treasury said that 78% of signed-up firms are meeting or are on track to meet their targets, up 5% on last year.

The Charter was established in 2016 and is part of the government’s aim to boost gender equality at all levels in financial services firms.

Economic Secretary to the Treasury John Glen MP said: “Diverse representation and gender equality in the financial services sector is good for business, good for investors and reduces barriers to growth and enterprise. I welcome this year’s progress, but setting targets is just one part of the process – I am today calling on firms to double-down on their to commitments and continue to deliver greater gender-equality in the workplace.”

• Women in Finance Charter