Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

DIFF Annual Review: Progress on DE&I in Finance, But More Needed

The Diversity and Inclusivity Finance Forum (DIFF) Annual Review has highlighted that while diversity, equity and inclusion (DE&I) in financial services has improved over the last decade, further progress is still required. Industry figures at the event discussed changes in the sector and ongoing challenges.

At the review, a panel reflected on how DE&I had evolved in financial services, employment, and society. Sonya Matharu-Coxill, founder of the Mortgage Atelier, shared her experience of entering the industry in 2016, noting that she was told she would face challenges as a young woman of colour. She stated that such conversations are less common now, but through discussions with others starting out in the industry, she believes these issues still occur.

Signey Wager, managing director at L&C Mortgages, compared his early experiences at industry events to the present day, observing a significant difference in diversity. He noted that while progress has been made, it is important to consider a range of characteristics, such as disability and sexuality, when measuring success. Wager emphasised the need for continued efforts to ensure retention and further advancement in DE&I.

Clare Beardmore, director of mortgage club at Legal & General, described the difficulties she faced as a young mother in the industry, including limited maternity pay and high childcare costs. She acknowledged that improvements have made it easier to enter the workplace, but pointed out that female CEOs still only make up around 8% of FTSE350 companies. Beardmore suggested that more needs to be done to support women throughout their careers and highlighted that conversations about issues such as menopause are becoming more common, though she believes further action is necessary.

The panel agreed that while progress in DE&I should be recognised, ongoing efforts are needed to achieve greater inclusion and equity in the financial services sector.