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Morgan demands answers from firms on gender diversity

Morgan demands answers from firms on gender diversity

A committee of MPs has demanded an explanation from financial services firms for why they haven’t signed up to the Women in Finance Charter. 

Nicky Morgan, the chairman of the Treasury select committee, has asked 33 businesses, including banking giant UBS and insurance group Bupa, why they have not yet joined up.

The Women in Finance Charter requires firms to pledge they will set internal targets for gender diversity among senior management and publish their progress in these targets.

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It also asks companies to have one member of its senior executive team responsible and accountable for gender diversity and inclusion.

As of November 2017, some 160 companies had signed up to the charter, representing 600,000 employees. But Ms Morgan expressed her disappointment that several industry giants had not.

She said: "The aim must be to see all firms in the financial sector sign up to the Charter and to make a real effort to improve their gender diversity, particularly in senior roles."

The letter asked firms to contact the committee by 16 February setting out whether they intended to sign up and, if not, to give their reasons for not doing so.

Ms Morgan added: "A balanced workforce is good for customers, profitability and workplace culture. Huge multinationals including Goldman Sachs, JPMorgan and UBS are yet to sign up and if they don’t intend to do so, the Treasury committee wants them to explain why."

Also among the businesses contacted are Metro Bank, NFU Mutual and fintech companies CrowdCube, Zopa and LendInvest.