FINANCIAL SERVICES

THERE IS CLEAR EVIDENCE THAT EQUAL
PAY CLAIMS IN THE FINANCIAL SECTOR
CAN BE VERY VALUABLE.

BACK TO PRIVATE SECTOR

What should I do?

 

  • Do you believe you are paid less than a comparator of the opposite sex?

  • Do you do the same job as that person?

  • Or do you do a different job but your work is equal to theirs in terms of effort, skill and authority?

 

Click here to fill in our online claim form.

 

 

 

 

Or call 0121 210 6224 for a free, no obligation, confidential chat with one
of our legal advisors.

 

Remember claims can be made against current or past employers in the last 6 years.

 

CLAIM NOW

Gender segregation continues to exist in various job roles with FS organisations, despite some high profile cases brought by women for sex discrimination and equal pay. Lack of transparency on these issues in the financial services sector leads us to believe that many more claims have been brought, but have been settled behind closed doors.

 

Men in senior management or director roles continue to hold traditional views surrounding issues such as maternity leave, childcare and flexible working. These views inform a culture of conscious or subconscious discrimination regarding pay, promotion and benefits including bonuses. For women, this represents a major disincentive to pursue their careers and reach the highest echelons in the organisation.

 

Astbury Marsden

Global recruitment company, Astbury Marsden, produced a report in 2014/2015 on female employees in the finance sector.  This report analysed the evolving nature of pay and bonuses in the city.  1,468 individuals responded to a survey.  It found that the average salary in the city is £96,458 and that in 2014 salaries started increasing for the first time since 2011.  Women’s pay was 84% of men’s pay and men tended to get pay rises quicker particularly when changing jobs or after a promotion.

The following table from the Astbury Marsden report shows ongoing unequal pay in this sector:

JOB ROLE FEMALE SALARY MALE SALARY
Analyst £43,701
£58,905
Associate/Manager
£60,355 £64,806
Asset VP £66,688 £76,046
Manager £62,354 £76,504
VP/Senior Manager £93,009 £99,049
Director/Executive Director £137,471 £226,780
MD/Partner £145,000 £213,421

The EHRC has carried out various inquiries into sex discrimination and equal pay in the finance sector. Questionnaires were sent to 49 companies which involved a mixture of both retail and investment banks as well as other “finance” companies.

 

It also found that women in the age group 25-39 were the worst hit mainly because the finance sector was not sensitive to childcare/maternity or flexible working and therefore those women generally got stuck.

 

Women also received basic pay and very few extra allowances.  The EHRC said there was a lack of transparency on pay and that there was “direct and persistent discrimination”.  It also said that the pay differential in the finance sector was the worst in the economy between men and women.

Finally it found that women working full time in fund management, stockbroking and trading had the biggest pay gaps earning on average, 60% less than men and this was even worse when bonuses were factored in.

 

Claims apply in both the retail and the investment banks.

 

CONTACT US

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Speak to one of our expert advisors today by calling 0121 210 6224 or fill out the form to the right to get in contact with us.

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