Quilter pledges action on gender pay gap

Quilter pledges action on gender pay gap

Quilter has pledged to do more to close its gender pay gap, with last year’s figures showing an average difference of 35 per cent between hourly male and female remuneration.

The wealth manager’s gap closed slightly last year, falling 4 per cent from 39 per cent in 2017, but its average bonus gap remained flat on the previous year at 70 per cent.  

Quilter has seen improvements in its senior management, which it previously pledged to make at least 35 per cent, and ideally 40 per cent, female by the end of 2020.   

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The company’s executive committee is now 21 per cent female, almost tripling from 8 per cent in 2017, and its total senior management community is now 34 per cent female.

Quilter largely attributed its continued gender pay gap to more men occupying senior management and "revenue-generating" roles, with more women occupying junior and part-time roles.

A Quilter spokesperson said the company was taking steps to actively reduce its gap, including the introduction of a "diverse shortlist" policy from which candidates must be recruited.

The spokesperson said the wealth manager is also looking to its financial adviser school, actively recruiting women to become qualified financial planners.

At 30 per cent, the spokesperson said its adviser school’s graduate population has more women than is typical in the wider adviser population.

Paul Feeney, Quilter's chief executive, said: "Creating an inclusive culture is key to creating a business which excels in an increasingly competitive environment and it is my firm belief that our business can only best serve its customers if it reflects their own diversity.

"While we have made some improvements over the last year, there is still significant work to be done to close the gender pay gap both within our organisation and across the industry."

Mr Feeney added: "I am pleased that we now have more gender diversity on our board and executive committee but am under no illusions that there isn't more that needs to be done to make sure that the leaders of this company better reflect its workforce and client base."

Quilter is a signatory to the HM Treasury Women in Finance Charter,  introduced as a voluntary initiative in 2016 to improve the representation of women in finance.

To celebrate companies and individuals in the financial services industry who are striving to make their workforce more inclusive, Financial Adviser will host the Diversity in Finance Awards in June.

The awards will reward at individuals who have demonstrated their support for minority groups and promoted and inspired those who are otherwise under-represented.

It is free to enter, and companies and individuals may do so here.