A new survey has been launched to benchmark progress on boosting socio-economic diversity across the financial and professional services sector.

The Socio-Economic Diversity Taskforce - commissioned by the Government and run by City of London Corporation – is calling on employers across the industry to take part in the survey before it closes in March 2022. (register via this link)

It will be used to help measure efforts to ensure professional advancement across the sector is based on performance and not background.

The taskforce launched in 2020 and represents more than 100 employers across the sector.

Research published alongside the taskforce’s launch showed that, across eight financial services firms, fewer than one in ten senior level roles were held by people from lower socio-economic backgrounds (defined by parental occupation). These employees took 25% longer to progress through each stage of their careers, despite no evidence of poorer performance.

This new survey aims to build on this research, to build a representative and robust picture across the sector. All UK financial and professional services employers are invited to take part in the survey.

Chair of the Socio-Economic Diversity Taskforce and Policy Chair at the City of London Corporation, Catherine McGuinness, said:

“Many financial and professional services firms are passionately striving to ensure that progression is based on performance rather than background.

“I want to build on this work and encourage employees from across the sector to share their socio-economic diversity data. Having a sector-wide view of our starting point will help to bring about tangible change by measuring progress when it comes to boosting diversity at senior levels.”

ENDS

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

The taskforce is supported by PwC, Deloitte and Connectr. The taskforce concludes in November 2022. Details on the taskforce can be found at www.cityoflondon.gov.uk/whogetsahead