Sexism in the City in Financial Services:
In 2024, Mark Freed, CEO of Men for Inclusion, provided evidence to the UK Government Treasury Select Committee’s inquiry into sexism and sexual harassment in the City, focusing specifically on financial services. His testimony serves as a valuable case study, shedding light on the lived experiences of women at work.
A significant moment
The opportunity to give evidence to the Treasury Select Committee’s inquiry into Sexism in the City was a significant moment — not just for me, but for the thousands of women working in financial services who continue to face barriers to career progression, inclusion, and fair treatment. My evidence, along with that of other witnesses, including: Baroness Helena Morrissey; Alesha DeFreitas MBE, Head of Policy, Research and Advocacy, The Fawcett Society; Dame Amanda Blanc, Women in Finance Charter Champion, CEO, Aviva Plc; and Nikhil Rathi, Chief Executive, Financial Conduct Authority, aimed to shine a light on the persistent inequalities in the industry and offer tangible solutions for change.
The lived experience gap
One of the core themes of my evidence was what we at Men for Inclusion call the Lived Experience Gap — the difference between the everyday working lives of those in the majority and the reality experienced by women. While initiatives such as the Women in Finance Charter and gender pay gap reporting have seen firms implement strategies to address representation (diversity), little has been done to drive real cultural change.
Our research showed stark differences in how men and women experience workplace dynamics. For example:
- 47% of women suspected or knew they had been unfairly passed over for promotion, compared with just 25% of men.
- 40% of women reported that a colleague had suggested they owed their success to a personal characteristic (such as gender or diversity quotas), compared with 21% of men.
- Women were significantly more likely to be given administrative tasks, less likely to be considered for high-profile projects, and more likely to have their contributions overlooked or credited to someone else.
These aren’t just numbers; they reflect real experiences that limit women’s career progression and erode trust in the financial services industry’s commitment to inclusion.
In my evidence I highlighted the impact of this Lived Experience Gap that, while often unintentional, cumulatively create an environment where women feel less valued and have to work harder to achieve the same recognition as their male colleagues. These include:
- Being interrupted more frequently in meetings
- Struggling to get their voices heard in group discussions
- Having to provide more evidence of competence than male colleagues
- Being overlooked for sponsorship and career progression opportunities
These small yet significant biases make it harder for women to thrive in financial services. Unless they are acknowledged and addressed, true gender equality will remain elusive.
The Pervasiveness of Sexual Harassment
One of the most troubling aspects I addressed in my evidence was the ongoing issue of sexual harassment in financial services.
Despite increased awareness and corporate policies, many women still experience inappropriate behaviour ranging from unwanted comments to outright harassment. High-profile cases have brought some attention to the problem, but many incidents continue to go unreported due to fear of retaliation or damage to career prospects.
Our research highlighted that women often face:
- Unwanted advances at industry events and networking functions
- Inappropriate comments and jokes in the workplace
- A lack of accountability for perpetrators, especially in senior roles
- A culture of silence that discourages reporting incidents.
While governments, regulators and individual firms can create laws and policies they are not effective in actually stopping the incident. Addressing this issue requires more than just laws and policies. We, men and women, have the power and opportunity to stop these behaviours by coming forward and intervening. Our laws and policies should protect us – victim and active bystander – when these things happen, but it takes us to stop them happening in the first place. These things are happening to our mothers, sisters, partners, daughter and friends.
If you don’t step in then who will,? If you don’t do it now, then when will you?
Engaging the male majority
One of the key points I stressed in my evidence was the importance of engaging men in the DE&I conversation — not as bystanders, but as active champions of change. Many DE&I initiatives fail because they either exclude men or inadvertently make them feel that gender equity is a zero-sum game.
The reality is quite the opposite. When men become allies and inclusion champions, everyone benefits. Businesses perform better, teams become more innovative, and workplace cultures shift toward true meritocracy. In our work we have seen how men benefit from being able to release themselves from complying with outdated male stereotypes.
Where do we go from here?
Real change will only come if firms, regulators, and government bodies commit to meaningful action and individuals – who actually own the culture, behaviours and values in a firm – exercise their inclusion muscle every second of every day.
The Treasury Committee’s inquiry into sexism in the City highlighted persistent challenges in addressing gender inequality within the UK’s financial services sector. Despite some incremental improvements, such as a slight increase in women’s representation in senior roles and a modest reduction in the gender pay gap, progress remains disappointingly slow.
The inquiry uncovered that sexual harassment and bullying are still prevalent in the industry, with many firms treating diversity and inclusion as mere ‘tick-box’ exercises rather than integral business priorities. The misuse of non-disclosure agreements (NDAs) to conceal abuse and discrimination was also identified as a significant issue, often leaving victims silenced while perpetrators face no consequences.
The Financial Conduct Authority (FCA) has acknowledged the Committee’s findings and is preparing to introduce new regulations addressing sexual harassment and bullying. Senior figures in the City, such as Baroness Helena Morrissey, have emphasised the need for these regulations to be robust and effective, highlighting that non-financial misconduct often precedes major financial scandals and should be taken seriously.
While the inquiry has brought renewed attention to the issues of sexism and misconduct in the financial sector, the true impact of these recommendations will depend on their implementation by firms, the enactment of proposed legislative changes, and the effectiveness of regulatory enforcement.
The question now is: will the industry take the necessary steps to close the gap and will you be part of the change?
Mark Freed
CEO of Men for Inclusion
