The Women in Finance Charter has been supported by Standard Life, Aviva, Legal and General, Blackrock, Prudential, Met Life and Aberdeen Asset Management among others.

The FCA and Treasury have also made the commitment.

By signing up each organisation pledged to promote gender diversity by:

• having one member of the senior executive team who is responsible and accountable for gender diversity and inclusion

• setting internal targets for gender diversity in its senior management

• publishing progress annually against these targets in reports on their website

• having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity

The firms have agreed to monitoring and evaluation of progress being conducted by HM Treasury.

The charter reads: “This is a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair industry. Firms that sign up to this Charter are pledging to be the best businesses in the sector.

“The Charter reflects the government’s aspiration to see gender balance at all levels across financial services firms. A balanced workforce is good for business – it is good for customers, for profitability and workplace culture, and is increasingly attractive for investors.”

The charter commits firms to supporting the progression of women into senior roles in the financial services sector by focusing on the executive pipeline and the mid-tier level.

It states each firm should set its own targets and implement the right strategy for their organisation, recognising the diversity of the sector.

The charter requires firms to publicly report on progress to deliver against internal targets to support the transparency and accountability needed to drive change.

The Government said today that there is still a chance to sign the charter.