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Peer2Peer Finance News | September 18, 2019

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RateSetter signs up to Women in Finance Charter

RateSetter signs up to Women in Finance Charter
Suzie Neuwirth

RATESETTER is among the latest round of firms to sign up to the government’s Women in Finance Charter, which aims to tackle gender inequality in financial services.

The ‘big three’ peer-to-peer lender is one of 122 firms that have now signed up to the Charter, employing over half a million people in the UK and covering almost 50 per cent of the financial services sector.

The initiative, which was founded one year ago today, asks financial firms to commit to four industry actions to support women to progress into leadership positions.

RateSetter is the second P2P lender to sign up to the Charter, alongside Landbay who joined last year.

Other fintech firms including Nutmeg, Starling and Monzo have also signed up in this latest round, alongside Bank of America Merrill Lynch and Pinsent Masons LLP.

Read more: Fintech firms urged to sign up to Women in Finance Charter

City heavyweights such as Barclays Bank and Aviva, challenger banks Aldermore and Shawbrook, the trading arm of oil giant BP and the London Stock Exchange Group joined the initiative last year.

Since the Charter launched, 77 financial services firms have committed to have at least 30 per cent women in senior roles by 2021 and 23 firms have committed to a 50/50 gender split in senior roles by 2021. New signatories will announce their targets in June.

Read more: City firms join forces for Women in Finance event

“I am delighted with the strong and ongoing momentum of the Women in Finance Charter,” said Jayne-Anne Gadhia, chief executive of Virgin Money and the government’s Women in Finance champion.

“A truly diverse financial services sector will drive productivity and underpin the UK’s position as a strong and competitive economy. There is still further to go and I urge more businesses to commit to the charter so that they can play their part in building an economy that works for everyone.”

The Charter makes four key recommendations: linking the remuneration packages of executive teams to gender diversity targets; setting internal targets for gender diversity in senior management; publishing progress reports annually against these targets; and hiring a senior executive responsible for gender diversity and inclusion.

“I know how difficult it can be for a woman to get the recognition she deserves and achieve her potential,” said the commercial secretary, Baroness Neville-Rolfe (pictured). “And in financial services particularly, women progress too slowly or they leave the sector completely.

“The financial industry is famed for its ability to identify opportunities to improve productivity. The Women in Finance Charter is one of those opportunities.

“It offers the chance to increase diversity of thought and for the financial services sector to better reflect the society it serves. This is why I encourage firms across the UK to step up and sign the Charter.”

Read more: RateSetter’s borrowers have paid back £1bn