Tags: diversity Before the Open newsletter: Start your day with the City View podcast and key market data The taskforce, which was commissioned by the Treasury and the Department for Business, Energy and Industrial Strategy, will attempt to boost representation in the sector. “We hope that firms will seize the opportunity the taskforce provides to develop a more diverse pipeline by ensuring they are truly recruiting and promoting on merit.” Edward Thicknesse whatsapp whatsapp It will also build a business case for increasing the representation of people from less privileged backgrounds in the sector. In addition, the research showed that among junior employees, 47 per cent were from a higher socio-economic background by parental occupation, and 11 per cent were educated at an independent school. The City of London and the government are today launching a joint taskforce to tackle the lack of class diversity in the UK’s financial services sector. In addition, it will create a membership body where companies can evaluate their performance against their peers. The report, by social equality advocates Bridge Group, also said that employees from less privileged backgrounds take 25 per cent longer to progress, despite no evidence of poorer performance. City of London policy chair Catherine McGuinness will chair the body, along with three vice deputy chairs, including Bank of England chief economist Andy Haldane. It will do so by leading a consultation on how the government, regulators and sector bodies can incentivise firms to act on the issue. Share Tuesday 24 November 2020 12:01 am Also Read: City of London to spearhead taskforce to tackle lack of class diversity in finance McGuinness said: “Talented individuals should be able to succeed in financial and professional services on their own merit regardless of socio-economic background. Unfortunately, for many people that does not yet seem to be a reality. City of London to spearhead taskforce to tackle lack of class diversity in finance For senior level employees (senior manager and above), this rises to 89 per cent and 25 per cent respectively. Just under half (42.7 per cent) of senior roles were occupied by white men who attended an independent or selective state school. Show Comments ▼ “That means taking action to ensure that talented people from all backgrounds and parts of the country can reach their full potential. By breaking down socio-economic barriers to progression, our financial services sector will become more innovative and competitive, and help to level up the UK.” More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsBetterBe20 Stunning Female AthletesBetterBePost FunGreat Songs That Artists Are Now Embarrassed OfPost FunLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia30+ Funny Photos Of Car Owners Having A Rough DayDrivepediaGameday NewsMichael Oher Tells A Whole Different Story About ‘The Blind Side’Gameday NewsAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItSay Goodbye: These Cars Will Be Discontinued In 2021Brake For ItMoneyWise.comMechanics Say You Should Avoid These Cars In 2021 MoneyWise.com Also Read: City of London to spearhead taskforce to tackle lack of class diversity in finance The announcement comes as new research found that nine in ten senior roles in financial services are held by people from richer backgrounds. City minister John Glen said: “We’re entering a new chapter for UK financial services and it’s vital that firms have the right leadership to grasp the opportunities ahead.