UK lawmakers launch inquiry into sexism in finance

British lawmakers have launched a fresh inquiry into sexism in the country's finance industry, parliament's influential Treasury committee said in a statement on Friday. The inquiry will assess issues including progress made in removing gender pay gaps, how best to support diversity and combating sexual harassment and misogyny, the committee said.

The move comes amid renewed scrutiny of sexual misconduct in finance, after hedge fund founder Crispin Odey was ousted from his firm in June after allegations of sexual misconduct jointly reported by the Financial Times and Tortoise Media. Odey has denied the allegations. A previous inquiry by the Treasury committee called for firms to abolish 'alpha-male' cultures, remove the stigma of flexible working and encouraged firms to publish strategies for closing gender pay gaps.

Finance is one of Britain's most lucrative industries, but also one of its most unequal. The average gender pay gap across 20 of the biggest finance employers was 30.1% in favour of men in 2022, a Reuters analysis in April showed, compared to the UK average of 8.3%. "Has the culture in this highly paid sector shifted at all in the last five years? This is a subject of marked importance to our Committee and we look forward to beginning work on this important topic," said Harriett Baldwin, chair of the Treasury committee.

The committee has asked for written evidence to be submitted by Sept. 1.

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