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
8 results
Clear
6 Recommendation Deferred
Sixth Report - Sexism in the City
Urge financial firms to prioritise diversity and inclusion as a core business matter.
First and foremost, it must be the responsibility of firms, boards and investors to drive improvements in diversity and inclusion, particularly given the clear evidence that 40 Sexism in the City more diverse firms achieve better results. We heard that … Read more
Government Response
The government deferred a decision, stating it is currently working through 257 responses to its policy proposals on data collection and target setting, and will carefully consider the Committee’s recommendation as it formulates its policy response.
HM Treasury
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7 Recommendation Deferred
Sixth Report - Sexism in the City
Encourage all financial services firms, especially smaller ones, to sign up to the Women in Finance Charter.
We welcome the focus of the PRA and FCA on diversity and inclusion in financial services, and agree they have a role to play. We have concerns, however, about their proposals to require firms to implement strategies, collect and report … Read more
Government Response
The PRA and FCA state they will carefully consider the Committee's recommendations regarding their proposals for extensive data reporting and target setting, alongside other consultation responses, before finalising their policy. They do not address the recommendation for firms to sign up to the voluntary Women in Finance Charter.
HM Treasury
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8 Recommendation Deferred
Sixth Report - Sexism in the City
Cease regulator plans for extensive data reporting and diversity target setting requirements.
We recommend that the regulators drop their plans for extensive data reporting and target setting. In our view, a lack of diversity is a problem that the market itself should be able to solve without such extensive regulatory intervention. Boards … Read more
Government Response
The PRA and FCA state they will carefully consider the Committee's recommendation to drop their plans for extensive data reporting and target setting, taking into account other consultation responses, before finalising their policy.
HM Treasury
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26 Conclusion Deferred
Sixth Report - Sexism in the City
Tackle abusive 'microaggressions' against women using unconscious bias and bystander training
It is also important that firms tackle the ‘softer end’ of abusive behaviour and ‘microaggressions’ against women in order to create an inclusive culture in which even low-level bullying or harassment is seen as unacceptable. Firms should consider what steps … Read more
Government Response
The government acknowledges the importance of tackling abusive behaviour and microaggressions, stating they are currently prioritising work on non-financial misconduct and will set out their final policy after reviewing consultation responses.
HM Treasury
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27 Conclusion Deferred
Sixth Report - Sexism in the City
Encourage men to act as allies and challenge sexual harassment in firms
It is vital that sexual harassment is viewed as a problem for everyone to solve, including men. Firms should do all they can to develop a culture in which men are encouraged and incentivised to act as allies and role … Read more
Government Response
The government agrees on the importance of promoting diversity and inclusion in the financial sector and is prioritising work on non-financial misconduct, stating they will consider next steps and publish their final policy after reviewing consultation responses.
HM Treasury
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28 Conclusion Deferred
Sixth Report - Sexism in the City
Strengthen whistleblowing legislation to protect and support sexual harassment whistleblowers
We have heard that whistleblowing processes within financial services firms are often ineffective at tackling bad behaviour or protecting those who report harassment. The Government is undertaking a review of whistleblowing laws, and we strongly recommend that the Government seeks … Read more
Government Response
The government recognises the value of whistleblowers and notes existing legal protections under PIDA, stating they are currently reviewing the whistleblowing framework to inform future policy choices for its development and improvement.
HM Treasury
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29 Conclusion Deferred
Sixth Report - Sexism in the City
Worker Protection Act imposes new duty on firms to prevent sexual harassment
The new Worker Protection Act imposes a new duty on firms to prevent sexual harassment. We hope that this legislation has the desired impact of incentivising firms to take greater action to prevent harassment in the workplace, and we will … Read more
Government Response
The government stated that the EHRC is responsible for enforcing the new duty on employers and that they are already in contact and have a Memorandum of Understanding to work together and share information.
HM Treasury
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33 Recommendation Deferred
Sixth Report - Sexism in the City
Launch an awareness campaign to publicise FCA whistleblowing line and clarify its use.
We recommend that the FCA launches an awareness campaign to publicise the availability of its whistleblowing line and clarify the circumstances in which it can be used, including that nothing in a non-disclosure agreement can prevent an individual from reporting … Read more
Government Response
The government states it is considering how to improve its whistleblowing approach and public communication, including whether a new publicity campaign would be helpful, while noting a similar campaign was launched in March 2021.
HM Treasury
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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