News
Joel Muckett 16 Oct 2017 04:27pm

Financial services gender pay gap is 31%

Financial services has the largest pay gap compared to any other UK industry, according to new data

A monthly gender pay gap report by Staffmetrix showed financial services had a median pay gap of 31%, exceeding that of electricity and gas suppliers (26%) and the construction industry (23%).

Staffmetrix’s report used data from the government’s gender pay gap registry, which requires companies with over 250 employees to publish their gap for mean and median wages along with the percentage of men and women receiving bonuses.

Private sector firms have until April 4 to file this information.

Less than 1% (114) of the 9,000 companies required to file this information had done so by the time the report was published.

Six of those 114 were from the financial services sector, including banks Virgin Money and TSB.

Octopus Investments had the highest median pay gap of financial service companies with 40.3% and Radian Capital turned in the lowest median pay gap at 15.7%.

The median gender pay gap of all 114 companies was 10.6%, less than the UK’s overall gender pay gap of 18.1%.

The report praised the Big Four firm EY for a “more thorough and pro-active” approach to reporting their gender and ethnicity pay gaps.

“EY is perhaps the stand-out example, having published both its gender pay gap and ethnicity pay gap,” the report said.

EY published its gender pay gap report last week, revealing it stood at 19.7%. This is higher than its Big Four rivals PwC (13.7%) and Deloitte (18.2%).
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