The number of women in senior management roles across the finance industry is increasing, according to the latest Women in Finance Charter report.

Analysis shows senior female representation among the 400+ firms signed up to the charter rose to 35% in 2022. This compares to a flat 33% in 2021 and 2020.

Almost three quarters of signatories increased their proportion of women in senior management and are continuing to work towards their ambitions of raising this further.

For the first time, the top quarter of firms achieved at least 40% female representation in senior management roles, while half the firms on the charter continue to aim for this milestone.

The Women in Finance Charter was launched by HM Treasury in 2016 asking firms to make a pledge for gender balance across financial services.

There are now more than 400 firms signed up to the voluntary charter, from global banks to credit unions, from the largest insurance companies to the smallest fintech start-ups and covering over one million employees.

Every year, HM Treasury teams up with think tank New Financial to report on the progress businesses are making against their self-created targets.

The latest review found 77% of signatories either increased (71%) or maintained (6%) their proportion of women in senior management in 2022, contributing to that overall figure of 35%.

The news has received a warm welcome from women in the mortgage industry.

Brightstar Group director of people development Clare Jupp said: “It is fantastic to see the bounce back by charter signatories in 2022, after a somewhat flat 2021. It is hugely encouraging to see female representation at senior level increasing, but even better that organisations are intent on pushing harder and higher, with half of all signatory organisations setting a target of at least 40%.

“At The Brightstar Group we have met every target set since signing up in 2016 and are not only delighted by this, but also by the fact that we have encouraged and supported so many other organisations in their application to, and membership of, the Women in Finance Charter. What gets measured gets done and so I commend other organisations who are serious about achieving gender balance to sign the charter if they haven’t already done so.”

SmartSearch chief operating officer Collette Allen adds: “The news of greater female representation in senior roles across financial services is certainly encouraging to read. While news of progress is positive, we must ensure any senior promotion is to recognise hard work and strong results, rather than a box-ticking exercise. To deliver a great product and service, businesses must reduce the barriers for all staff to reach their potential, enabling them to find, employ and retain the best person for the job.

“This has been fundamental in our approach at SmartSearch, where we’ve come a long way to ensure that the gender inequalities that are institutional in other organisations and sectors don’t exist in our business. In fact, we now have an equal gender split across all levels of the business, including our senior leadership team.”

For Landbay, the women in finance agenda has become part of the ‘company DNA’.

Landbay human resources director Naomi Braisby says: “Landbay joined the Women in Finance Charter in 2017 and it has become part of our DNA. Our target for 2022 was to have 35% of senior management positions filled by women but we have smashed that and it now sits at 40%.

“There are two female members in our executive team, keeping female representation at the top level of the business. For any additions to executive management or board of directors, at least one woman must be shortlisted. As part of our recruitment process, there is a minimum of one female representative on every interview panel. All senior managers have completed Equality & Diversity & Unconscious Bias training as part of their management development.”