The Treasury Select Committee are to collate evidence and research the role of, and number of, women in the UK financial sector. They will be gathering evidence on issues such as pay and promotion inequality, flexible working and culture and sexual harassment.
John McFall, Committee Chairman, said he hoped the inquiry would provoke an important debate about the representation and treatment of women in finance. He said that "At a time when pay and corporate governance are key issues in terms of redrawing financial regulation, the committee feels it is important to highlight the issue of gender equality in the financial services industry".
This means that the traditional model of city financial institutions will be under scrutiny and likely to lead to tighter regulation. It is important that all businesses, and not just large financial firms, put in place good equality policies, and then monitor and enforce them regularly. It is always good practice to have such policies in place with clear and objective criteria for issues such as promotions and flexible working to make sure all staff are treated equally which will of course avoid sex discrimination and other claims.
Disclaimer: the contents of this blog are not intended form the basis of legal advice. Independent legal advice should be taken from your own solicitor for all cases.
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