Sexism in the City

Treasury Committee Closed Inquiry
Opened: 12 Jul 2023 Closed: 28 May 2024 Parliament page
The Treasury Committee is examining the barriers faced by women in financial services and the progress made in removing gender pay gaps. The MPs will explore what role firms, the Government and regulators should play in combatting sexual harassment and misogyny. The Committee will evaluate the progress on implementing the … Read more
17 Recommendations
19 Conclusions
1 Report
6 Letters
4 Events
Activity timeline 12 events
23 May
2024
Correspondence
14 May
2024
Report published
8 Mar
2024
Report published
27 Feb
2024
Correspondence
27 Feb
2024
Correspondence
27 Feb
2024
Correspondence
27 Feb
2024
Correspondence
27 Feb
2024
Correspondence
17 Jan
2024
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
13 Dec
2023
Formal meeting (oral evidence session) · The Wilson Room, Portcullis House
15 Nov
2023
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
17 Oct
2023
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Title HC No. Published Items Response
Sixth Report - Sexism in the City HC 240 8 Mar 2024 36 Responded
Recommendations & Conclusions
6 results
Clear
1 Conclusion Acknowledged
Sixth Report - Sexism in the City
Financial services culture remains a significant barrier for women, hindering progress on harassment.
Our inquiry has revealed incremental improvements for women working in financial services on certain metrics, such as the proportion of women holding senior roles. Overall, there has been a disappointing lack of progress on sexual harassment and bullying, including serious … Read more
Government Response
The government welcomed the report and agreed with the Committee's observations about the importance of diversity and inclusion, and the slow progress towards gender balance, but committed to no new specific actions.
HM Treasury
View details
24 Conclusion Acknowledged
Sixth Report - Sexism in the City
Prevalence of sexual harassment in financial services is unacceptable
We have been appalled by testimonies we have received about the prevalence of sexual harassment in the financial services industry, including from some of the brave women who told us about their experiences at our own private roundtable event. Although … Read more
Government Response
The government welcomes the Committee's report, agrees that regulators have an important role in promoting diversity and inclusion, and is prioritizing work on non-financial misconduct, including sexual harassment and bullying.
HM Treasury
View details
25 Conclusion Acknowledged
Sixth Report - Sexism in the City
Adopt zero-tolerance to sexual harassment, ensuring thorough investigations and appropriate consequences
Firms need to adopt a zero-tolerance approach towards sexual harassment and abuse and take concrete action to embed this approach within their organisations. Impunity for perpetrators, who are often well known in their organisations for serial offending, must end. As … Read more
Government Response
The government welcomes the report, agrees on the regulators' role in promoting diversity and inclusion, and is prioritizing work on non-financial misconduct, including sexual harassment and bullying, while considering consultation responses to their D&I proposals.
HM Treasury
View details
30 Recommendation Acknowledged
Sixth Report - Sexism in the City
Clarify enforcement collaboration between EHRC and FCA on Worker Protection Act
Given the potential overlap between the aims of the Worker Protection Act, which will be enforced by the Equality and Human Rights Commission (EHRC), and the proposals by the Financial Conduct Authority (FCA) on handling sexual misconduct in financial services, … Read more
Government Response
The government states it has a Memorandum of Understanding with the EHRC and will continue to work together and share information to address common interests, but does not outline a specific plan for clarifying enforcement of the Worker Protection Act.
HM Treasury
View details
31 Conclusion Acknowledged
Sixth Report - Sexism in the City
Regulators' powers constrained in tackling non-financial misconduct
There is an important role for regulators to play in ensuring that firms tackle sexual harassment. We welcome the proposals by the Financial Conduct Authority and by the Prudential Regulation Authority to strengthen their regimes for tackling non-financial misconduct, including … Read more
Government Response
The government agrees with the committee on the important role regulators play in promoting diversity and inclusion, and is currently reviewing consultation responses from various stakeholders before publishing its final policy.
HM Treasury
View details
32 Conclusion Acknowledged
Sixth Report - Sexism in the City
Limited awareness of FCA whistleblowing line hinders effective reporting of harassment.
There is limited awareness of the FCA’s whistleblowing line or how it works, and we believe there is scope to enhance its effectiveness and reduce the ‘fear factor’ victims of harassment face when reporting abuse.
Government Response
The government acknowledges the limited awareness and 'fear factor' around the FCA's whistleblowing line, stating they are currently considering improvements to their approach and communication, including the potential for a publicity campaign.
HM Treasury
View details
Government Response AI assessment · 36 of 17 classified
Accepted 8
Accepted in Part 2
Acknowledged 6
Deferred 8
Rejected 12
Total 17 recs + 19 conclusions
Correspondence 6 letters
23 May 2024 To committee Letter from the Minister for Women - Dame Harriett Baldwin MP
Parliament page
27 Feb 2024 To committee Letter from the Financial Conduct Authority, relating to non-financial misconduct, dated 6 February 2024
Parliament page
27 Feb 2024 To committee Letter from Baroness Vere to the Chair, relating to the 'Sexism in the City' inquiry, dated 7 February 2024
Parliament page
27 Feb 2024 To committee Letter from the Chair to Baroness Vere, relating to the 'Sexism in the City' inquiry, dated 30 January 2024
Parliament page
27 Feb 2024 To committee Letter from Maria Caulfield MP to the Chair, relating to the 'Sexism in the City' inquiry, dated 12 February 2024
Parliament page
27 Feb 2024 To committee Letter from the Chair to Maria Caulfield MP, relating to the 'Sexism in the City' inquiry, dated 30 January 2024
Parliament page