Committee MPs will seek to identify the barriers to women “entering and progressing” in the financial services sector. They will also examine the value to financial firms of having greater gender balance across all job grades and functions.

The Committee will scrutinise the role of Government and financial regulators in acting as role models for “good gender diversity practices.”

The first evidence session of the inquiry will be on Tuesday 24 October with Jayne-Anne Gadhia, the chief executive of Virgin Money and Government Women in Finance Champion.

Nicky Morgan MP, chair of the Treasury Committee, said: “More women than men are employed in the financial services sector but female representation at senior levels has been historically low.

“Gender diversity across job grades and functions delivers benefits to firms, society and the wider economy. As part of this inquiry, the Committee will scrutinise the progress of the Treasury and firms against the Women in Finance Charter.”

The recently launched its Women in Finance Charter asking firms to commit to key gender balance strategies and to pledge to achieve better “gender balance” across financial services.

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;

• Recognises the diversity of the sector and that firms will have different starting points so each firm
should therefore set its own targets and implement the right strategy for their organisation;

• Requires firms to publicly report on progress to deliver against these internal targets to support
the transparency and accountability needed to drive change.

• Asks firms to pledge to have one member of the senior executive team who is responsible and accountable for gender diversity and inclusion, setting internal targets for gender diversity in senior management;

The Charter also asks firms to publish progress annually against these targets in reports on their website and to have an intention to ensure the pay of the senior executive team is linked to delivery against
these internal targets on gender diversity.