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Female advisers and directors remain heavily outnumbered

Gender-Differences-Man-Woman-Inequality.jpgFemale advisers are outnumbered by male counterparts six to one and only three out of every 20 directors is female, the FCA says.

According to data provided by the regulator in response to a freedom of information request, in September this year there were 10,424 female CF30s meaning they make up 14.2 per cent of intermediaries in the UK.

CF30 is the customer function all intermediaries are required to hold.

PIMFA puts the number of CF30s providing financial advice at 26,311 for 2017, up 2.7 per cent from the previous year.

In July 2016 it was calculated female CF30s who were registered advisers made up just 13 per cent of the total intermediary community.

In terms of those holding a CF1 director function, there were 73,382 in the UK in September. Of these 15.9 per cent, or 5,240, were female.

The Women in Finance charter is an initiative from the Treasury to boost gender diversity in financial services. It encourages firms to pledge to increase the proportion of women in senior positions. A number of high profile companies have signed up including Nucleus, St James’s Place, Mazars and Standard Life Aberdeen. The Pensions and Lifetime Savings Association was among the most recent tranche of signatories.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Oh! For heaven’s sake get real. Not all women want to climb the greasy pole, whereas men in general do.

    I have a niece who had a pretty senior job with a very well known bank/fund manager. When she had her twins the firm did everything to keep her. She tried working from home on one or two days, but in the end she just threw in the towel and was content to leave the industry. She lives a full and contented life and the twins are now teenagers.

    Her husband also worked for a world famous bank/fund manager and income was never a problem. He is well up that greasy pole now.

    On the other hand my wife had a very successful career as a director of an international marketing company, but in our case we don’t have children.

    So I hope that puts a more sensible slant on these histrionic attitudes.

    • Unfortunately attitudes like this can be part of the problem. Perhaps rather than being patronising and dismissive it would be helpful to consider that there are other reasons why there are fewer female advisers, such as culture. The Treasury select committee found that “culture is the overwhelming reason that women said they do not want to get involved at the senior levels of the financial services sector” and this cannot be ignored. Plenty of my former colleagues would not disagree. The volume of research, reports and recommendations being made on the inequality of women in financial services is increasing. It would therefore be helpful to focus on why there is a problem and how it can be resolved rather than dismissing it. Imbalance of either gender in any sector should be concerning and one which good organisations are trying to address, as they recognise that diversity and inclusion forms part of good culture and ultimately benefits the business.

  2. I am pleased to say that 50% of the Board (3/6) at Informed Choice are female.50% of the staff are female and they have positions throughout the firm Administration, Paraplanning and Financial Planners.

    I don’t recall having to sign up to a charter to have to recognise that what matters is talent and attitude not a person’s sex.

    By the way what percentage of the senior people at the Treasury are currently female?

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