Female finance staff aren't in the money

Unions are working with the Equal Opportunities Commission (EOC) to reduce the massive gender pay gap in the financial services sector.

The finance unions Amicus and UNIFI represent 210,000 employees in the sector, of whom 52% are female. Amicus figures show that women underwriters, claims assessors, brokers and investment analysts earn 47% less than men, while the difference between male and female managers is 31%.

Ed Sweeney, General Secretary of UNIFI, said: "Promoting itself as the best in the world, the UK finance sector must be acutely embarrassed that its gender pay gap is far wider than any other. The time has come for positive remedial action."

A conference in January, organised by the two unions and the EOC, was attended by many employers in the finance sector. They heard Jacqui Smith MP, Deputy Minister for Women and Equality, outline the government's plans to streamline the procedures for making equal pay claims. She also promised that the government would meet the finance sector in March to discuss ways of increasing diversity in the boardroom.

"Every responsible employer wants to know that they are rewarding staff fairly for their contribution," said Niccola Swan, Equality and Diversity Director at Barclays. "It makes business sense - if staff know they are getting a fair deal, this motivates them and helps us recruit and retain the best people for the job."

The EOC has launched a campaign, It's time to get even, encouraging employers to carry out pay reviews and to facilitate part-time and flexible working at all levels.