Financial Conduct Authority  

FCA admits it has further to go on diversity

She added: "There are so many women in the industry now but is that what the public sees? Do people think of bankers and brokers as white old men still? If so, we need to give the great women already in the industry the opportunity to stand up and be seen."

Ms Knowles went on to say that the gender and BAME split was an industry wide problem that needed addressing, but pointed out that schemes such as the Chartered Insurance Institute’s Insuring Women’s Futures scheme was a good example of progress.

Anna Soft, managing director of Addidi Wealth, said: "The culture that sits at the heart of our industry is fundamentally wrong. We put too much focus on the bottom line and not enough on doing a good job for ourselves and the people we serve.

"A combined effort from the top down, but also bottom up, is the only thing that will bring about real change and create a financial services sector fit for the future. It is the individual acts of the majority, as opposed to big gestures from the few that will create the impact we need."

imogen.tew@ft.com

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