Financial campaign group Progress Together has launched a new campaign focusing on addressing ‘invisible class barriers’ affecting financial services workers.
The ‘Making the Invisible Visible’ campaign is being launched against a backdrop of evidence that socio-economic background continues to shape perceptions of leadership and competence across financial services.
The campaign has drawn support from the FCA, St James’s Place, Goldman Sachs, Santander, HSBC, Morgan Stanley, Fidelity and Nationwide.
Research for the organisation found that investors perceived privately-educated CEOs as a safer bet, despite no evidence of stronger performance on decision-making outcomes.
The research also showed that high-performing employees from lower socio-economic backgrounds progressed more slowly into senior roles, despite no link to job performance.
The campaign aims to 'reframe' socio-economic inclusion as a productivity and competitiveness issue for financial services, rather than simply a fairness issue.
Sophie Hulm, chief executive of Progress Together, said: “Making the Invisible Visible is about helping the sector confront barriers that too often remain unseen, unspoken and unmeasured. If financial services wants to unlock productivity, strengthen leadership pipelines and remain globally competitive, we need to make better use of the talent already within our organisations.”
Sheree Howard, executive director at the Financial Conduct Authority, said: “An inclusive financial services sector supports stronger decision-making, better governance and improved outcomes for consumers. As firms navigate significant change across technology, skills and workforce transformation, creating environments where talent can progress fairly and effectively matters more than ever.”
Progress Together is a not-for-profit membership organisation established following a Government-commissioned taskforce into socio-economic diversity in UK financial services. The organisation works with member firms across the sector to improve progression, strengthen leadership pipelines and support evidence-led action on socio-economic inclusion.