Sexism


in the City in Financial


Services: Bridging the gap


n 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.


I 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


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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


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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 r eporting incidents.


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