SFE Insight | New SFE network can make valuable contribution on gender equality

Jackie Leiper is a Scottish Financial Enterprise Board Member, Chief Executive of Embark Group, and chair of Lloyds Banking Group’s Scottish Executive Committee

Despite the huge strides that have been made on gender equality in financial services over recent years, it is clear there is still much more to do.

The number of women in senior positions remains disproportionately low, while the gender pay gap remains stubbornly high. For instance, the most recent statistics show that, while women make up one-third of all board positions in the UK’s FTSE 100 companies, just 15 percent of finance directors in these companies are women. Meanwhile, the average pay gap stands at more than 26 percent for UK financial services, which is significantly higher than the 12 percent seen in the wider UK market.

Scotland, as a major centre for financial services, is far from immune from these challenges and Scottish Financial Enterprise, as the representative body of that financial services industry in Scotland, is determined to do more to help promote gender equality. That is why, as part of our work to mark International Women’s Day earlier this week, we are pleased to announce the formation of our new Gender Equality Network (GEN), which will support and contribute to  the different strands of work  that are  already taking place  on issues such as the gender pay gap and improving female representation. This is part of our overall objective of making financial services in Scotland more inclusive and open, ensuring everyone can feel a sense of belonging and value in the industry.

GEN will bring together SFE members and collaborate with partner organisations to identify and address discrimination, sexism, and stereotypes in the industry. This is not just about tackling conscious bias, but also unconscious bias, which is often more widespread and as invidious. GEN will also be a platform for best practice and coordinated action to address gendered issues such as menopause, childbirth, and maternity leave, and traditionally gender-associated issues like childcare. The ultimate goal of GEN is to tackle the visible and hidden obstacles which prevent career progression for women, while also addressing structural issues such as the gender pay gap, senior representation and career pathways.

Organisations like Women in Banking and Finance and Future Asset have been doing a fantastic job driving coordinated action in this space. By establishing GEN, our goal is to foster greater connection and collaboration with these groups while ensuring we avoid duplication. There is huge appetite for further progress on gender equality across the financial services industry in Scotland. By formalising our contribution to the valuable work already ongoing, GEN will play a crucial role in helping to deliver it.