CII in talks with FCA over women's financial futures

He said: "Very few advisers would consciously believe they have any prejudice, but what I think the output from Insuring Women's Futures has done is take factual data and turn it into actions.

"For example, financial planners always believe they take a holistic view relevant to the needs of the client, regardless of the client's gender.

"But what we have not always been conscious of is the unique differences between men and women, so now we have data that helps planners understand the financial challenges unique to women, such as a gap in earnings or pensions contributions when they go on maternity."

Since its launch last year, there have been more than 250,000 downloads from the IWF hub created for advisers and financial planners.

Mr Richards also said: "A sole male trader can hardly create a diversity split so we need to help the financial advisers who always believe they have cared for their clients equally through the years.

"One way to do this is to highlight the unique differences and challenges that affect women, and to make these more clear to financial advisers so they can incorporate this into their financial planning."