Inform, Influence, Improve: City Corporation urges finance sector to get behind Socio-Economic Diversity Taskforce
The City of London Corporation has today [28 July 2021] called on firms from the UK’s financial and professional services industry to harness their colleagues and networks to support the work of the Socio-Economic Diversity Taskforce, which aims to create a more diverse and inclusive financial and professional services sector.
Speaking at a virtual meeting of the Taskforce with attendees including senior representatives from the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BoE), City Corporation Policy Chair Catherine McGuinness outlined three asks for individuals and organisations across the sector:
- Inform – get involved in shaping our outputs;
- Influence – raise awareness of the need for greater socio-economic diversity within financial and professional services organisations and beyond;
- Improve – encourage organisations to collect data on workforce socio-economic diversity and explore their own areas for improvement.
The City Corporation was commissioned to establish the Taskforce by HM Treasury and the Department for Business, Energy and Industrial Strategy in November 2020. The Taskforce launched alongside a report Who Gets Ahead and How? – commissioned by the City Corporation and authored by the Bridge Group – which showed employees from non-professional backgrounds progress 25% slower than their peers.
The virtual meeting today saw attendees discuss findings from the recently published paper by the FCA, PRA and BoE, Diversity and inclusion in the financial sector – working together to drive change.
City Corporation Policy Chair Catherine McGuinness said:
"Traditional ways of working have been upended by the pandemic.
“With employers and employees across all sectors are exploring how to build back better, now is the time to refocus on social mobility.
“There is real momentum for change, and I hope that we can seize this through the work of the Taskforce, through our industry consultation, the development of a peer network, and our productivity analysis, to build that all-important business case.”
Those wanting to get involved in the Taskforce can register their information on the Who Gets Ahead? page on the City Corporation’s website.
Notes to Editors:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk
*For the purposes of this taskforce, socio-economic background is defined by Parental Occupation at 14 (Working Class, Intermediate, Professional background). Seniority is defined as Partner, Non-Executive Board, Executive Committee and two levels down.