Financial Services Skills Commission (FSSC) chief executive Claire Tunley has insisted the UK still has a long way to go to reflect all diversity.

During a Treasury select committee meeting about the future of financial services, she said the number of women with roles in the financial services sector are “going in the right direction”.

But she said there is still some way to go before they are at an acceptable level.

One thing the FSSC is looking into is changes that companies could make to make it easier for women going through menopause to stay.

The FSSC published a report on the topic in October last year.

It said the financial services sector comprises 59% men and 41% women.

Given the age profile of the sector, 9% of the workforce (around 128,000 people) are women aged between 45 and 55 – the age at which women are most likely to experience the menopause.

The report said past research on women across all sectors has found that women are negatively impacted by the menopause at work, and that it is a factor in staff retention.

Without action, this will act as an obstacle to achieving key business aims.

During the Treasury committee hearing, Tunley emphasised that it is not just about diversity in terms of gender. Getting more people into the industry from different ethnic backgrounds was also important.

She said ensuring there is greater diversity of backgrounds in the sector would make it more empathetic towards consumers in vulnerable circumstances.