Female FinTech leaders call for gender pay gap regulation

Research from ‘Big Four’ accountancy firm EY and FinTech body Innovate Finance has highlighted barriers in the FinTech sector for women’s career progression, with female leaders being overlooked for senior positions.

The report considers the views of 120 finalists on Innovate Finance’s forthcoming Women in FinTech Powerlist 2023, which reveals one in four female leaders believe that unclear progression opportunities for promotions and a lack of recognition were holding back progress for the sector.

EY’s analysis – revealed exclusively to CityAM  – indicated that the gender pay gap in the industry is as high as 22%, with 17% of respondents from the powerlist calling for regulation of the gender pay gap to help close the difference.

Commenting on the findings, Sheila Flavell, chief operating officer of tech services company FDM Group and president of TechUK urged business leaders to tackle the gender pay gap and improve access to career opportunities for women in FinTech.

“By building a stronger, more diverse workforce, the FinTech industry will be better placed to represent the customers it serves for the long term,” she added.

Meanwhile Joanna Kori, head of people for automated solutions firm, Encompass Corporation, said that FinTech needed to ensure parity across the board with support from executive level personnel on issues such as flexible working initiatives, which benefit everyone, including parents and women returning to work.

“Having that support can empower women in their life and wellbeing choices, as well as their work choices, enabling them to reach their professional goals while maintaining a good work-life balance. There is so much untapped potential and, if we are to continually see positive change, flexibility is key,” she said.

Kori added that women also needed to be proactive about making the fintech and technology sectors work for them.

Last year, TechInformed published a report on the bias women face working from home. Click here to read more.