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Should the financial services industry do more to improve career opportunities for women? Not according to the majority of financial services professionals who took part in a CISI survey.
Of 931 respondents, 57% disagreed that action was required to correct a gender imbalance (33% strongly disagreeing and 24% tending to disagree).
Among the 43% who felt change was needed, 28% strongly agreed and 15% tended to disagree.
The survey was conducted in the light of the Financial Conduct Authority’s January 2015 Data Bulletin which showed that of the 125,000 approved persons working in customer function positions, 82% are male and 18% are female. The Government target is for 30% of board members to be women.
Among opponents to new measures there was a widespread concern that the imposition of a quota for the employment of women would be unfair and counterproductive.
One respondent said: “I believe in a meritocracy. The appointment of directors should be based on ability and not half-baked positive discrimination.”
Another warned: “It is important that approved persons are appointed because of their skills and not because of their gender. Any positive discrimination could only lead to lower qualified people joining the market.”
Some others suggested that the financial services industry simply did not appeal to many women.
A female respondent said: “It’s hard for women because it’s so male dominated. Sometimes it is a very sexist environment.
Those calling for action included a contributor who attended a recent seminar on women’s careers and described the language used by a male recruiter as from the ‘1970s or 80s.’
“It seems the UK has not moved much. Individuals and firms need to change their culture,” said the respondent.
Another said the industry must focus on recruiting more women at customer-function level to provide a “greater pool of female staff to promote to senior positions.”
A further contributor remarked: “Regulatory institutions should be empowered to correct this wide anomaly.”
