Lack of diversity in financial services flagged up

A lack of diversity at senior level could be stymieing Scotland’s financial sector.

In a report, Core-asset Consulting says senior leadership teams consisting mostly of those from privileged backgrounds “aren’t necessarily meeting the needs or understanding of their end users”, with the firm advising major financial players in Scotland that there is still a way to go before balanced top teams in the sector become the norm.

Core-asset Consulting founder Betsy Williamson said: “This year's guide particularly highlights persisting challenges like recruitment shortages, gender gaps, and economic uncertainty. However, it’s not all doom and gloom, it’s clear from our research that Scotland's strengths as a global financial hub is continuing to attract top talent.” She also said the topic of diversity, equity, and inclusion (DE&I) has “rightly” become increasingly important, but believes more needs to be done. “At a senior level, there are more questions being raised around whether board members with a privileged background really understand their end consumers,” she stated.

“Socio-economic diversity is a relatively new concept for many of our clients in the professional and financial services sector.

“Only in the last year or so have we started to see real interest from clients to consider someone’s social status as a factor when it comes to shortlisting and the talent pipeline.

“Whether or not this can be attributed to greater [environmental, social, and governance] focus, it is without a doubt, a positive shift and an area that will grow throughout this year.”