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Seven financial services firms recognised for LGBT+ work

Two regulators and several law firms in the UK also made the Stonewall list


UK-based LGBT+ charity Stonewall has published its Top 100 Employers 2020 list, featuring organisations that have worked towards greater acceptance for LGBT+ people over the past year.

Seven financial services firms are featured, up from the six in 2019.

Most of them have climbed the ladder, improving their previous position.

The only exception was Barclays, which placed 30th this year,  down from 28th in 2019.

Three firms have been listed that were not recognised in 2019, namely Macquarie, Aviva and Aon; while Lloyds Banking Group and Lloyd’s did not make it on the top 100 list this year despite placing last year.

Making the grade

Participating companies need to demonstrate their work in 10 key areas of employment policy and practice, Stonewall said.

This is done through a questionnaire that enquires about a firm’s employee policy, employee lifecycle, staff network groups, allies and role models, senior leadership, monitoring, procurement, along with customers, service users and clients.

Additionally, employees get a chance to complete an anonymous survey to talk about their experiences of diversity and inclusion at work.

Companies will then receive a score explaining what they are doing well and what needs improvement. If they have participated in previous years, the score will show a comparison with their sector and region, Stonewall said.

The seven financial services firms making the top 100 list this year are:

Name 2020 2019
Citi 7 9
Credit Suisse 27 64
Bank of America 28 50
Barclays 30 28
Macquarie 33 n/a
Aviva 45 n/a
Aon 87 n/a

Leading by example

Two financial regulators made the 2020 list as well.

The Financial Conduct Authority (FCA) has shown improvements from its 69th position in 2019, climbing 10 places this year.

The Financial Ombudsman Service (FOS) has been included as well, landing in 35th place. It was not included on the top 100 list in 2019.

Andrew Bailey, chief executive of the FCA, said: “We are proud to, again, be part of Stonewall’s Top 100 LGBT+ friendly employers.

“This recognition sends a strong signal to industry, consumers and other external stakeholders about our commitment to diversity and inclusion.”

In an interview with International Adviser last year, the FCA’s director of competition Sheldon Mills said the regulator hopes to lead by example as there is a “huge commitment to diversity across the board, at the top end”.

FOS chief executive and chief ombudsman Caroline Wayman said: “To be placed 35th out of over 500 employers is a testament to the enthusiasm of our people, our firm commitment to diversity and inclusion and the excellent work of our employee network, OutRight, which I’m very proud to note has been recognised as ‘highly commended’ in the 2020 index.

“This year, OutRight has worked hard to improve engagement with other employee networks, offering a range of intersectional events that recognise that our employees have many identities.

“These results are the product of lots of hard work. We’re particularly proud of the gender identity training we’ve developed over the past year, as well as our work on improving the journey for LGBT+ customers through our complaint resolution process.

“We look forward to building on these fantastic results and continuing to support our LGBT+ staff, customers, and the communities we serve.”

Name 2020 2019
Financial Ombudsman Service 35 n/a
Financial Conduct Authority 59 69

Making strides

Law firms were widely recognised for their work on LGBT+ issues.

The vast majority have shown great improvements from their 2019 position, with some climbing up 31 places on the list.

Despite the presence of several public service organisations, many law firms managed to place within the top 20.

Name 2020 2019
Pinsent Masons 4 1
Baker McKenzie =12 10
Travers Smith =12 25
Hogan Lovells 17 34
Clifford Chance 19 37
Eversheds Sutherland 35 66
Taylor Wessing 51 37
Mayer Brown 64 n/a
Irwin Mitchell 74 n/a

Andrew Tucker, chief executive of Irwin Mitchell, said: “We’re delighted with this news, as it is reflective of the great work taking place across our business to make sure colleagues are valued for who they are and what they bring.

“Being a diverse and inclusive firm means we are able to better support each other, provide a better service for our clients and lead the way for others to follow in our communities.”

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