London (AFP) – Efforts to tackle sexism in the UK financial sector, known as the City, are “at a snail’s pace”, lawmakers concluded Friday, as they demanded “urgent action” be taken over misogyny.
It follows recent high-profile cases of sexual misconduct that have rocked the key UK sector, notably at business lobby group CBI and the hedge fund Odey Asset Management.
In its “Sexism in the City” report published on International Women’s Day, a cross-party panel of UK lawmakers said “elimination of sexual harassment including serious sexual assault, and bullying, should be a minimum standard expected to be guaranteed across the sector. It is a source of deep concern to us that this has not yet been achieved. This needs to be addressed and urgently.”
The report noted that the UK financial services industry employs more than 2.5 million people, making a large contribution to the country’s gross domestic product. It was put together by parliament’s Treasury Committee, whose chair Harriett Baldwin said the “well-paid sector will only be able to maintain its competitive advantage if it is able to draw on the widest possible pool of talent. That’s why it’s so frustrating that efforts to tackle sexism in the city are moving at a snail’s pace,” she added.
The committee recommended that the UK government encourage greater pay transparency, “including by discouraging firms from asking job applicants for their salary history, which perpetuates the gender pay gap and is outlawed in many other jurisdictions”. Baldwin added that companies “must take responsibility for improving their culture.”
There have been several high-profile cases which show the existential risk to firms who don’t tackle sexual misconduct. We also know that more diverse organisations perform better, so inaction is not only immoral but bad for growth and business,” she said. Baldwin also called on regulators and the government “to think carefully about what will deliver the best outcomes and avoid introducing tick-box exercises”.
The report called on regulators to “drop costly proposals for businesses to report data and set targets on diversity. These proposals would not capture the many smaller firms that have some of the worst cultures and levels of diversity.”
© 2024 AFP
