The Treasury has urged financial services firms to sign up to the Investing in Women Code to improve female entrepreneurs’ access to finance, resources and tools.
The commitment aims to make the UK one of the “most attractive” countries in the world to start and grow a business.
It complements the Women in Finance Charter, which promotes gender equality for employees within firms in the financial services sector.
The Treasury says a “diverse and inclusive business ecosystem is good for customers, entrepreneurs, businesses, investors, and society”.
To promote female entrepreneurship, the code commits organisations to:
- have a nominated member of the senior leadership team who will be responsible for supporting equality in access to finance
- increase the transparency of financial services firms’ data concerning support for female entrepreneurs
- adopt internal practices to improve the outlook for female entrepreneurs
Trade bodies will work with their members in the coming weeks and months to establish a “collectively agreed” set of metrics that are comparable across organisations to understand the landscape of female entrepreneurship financing.
An FCA spokesperson says: “The FCA has a well-established commitment to diversity and inclusion in financial services. We welcome any initiative that seeks to promote this.”
The Treasury will publish the first annual report in autumn 2020.