The Ami ‘Diversity, Inclusion and Equity in the mortgage industry’ report has been published this morning as a call to action to each individual and firm in the sector to step up and make a positive change.
The research is the most complete portrait of diversity and inclusion in the mortgage sector to date and shows that strong leadership and a relentless focus are needed to make a true change.
Ami board member Kevin Roberts says: “This report provides us the opportunity to listen, to listen to our colleagues, partners, customers, bosses and employees, and choose to make a difference to both them and our fantastic industry.”
A total of 1,178 completed the survey, providing their own views and experiences and while many positives were uncovered, the report finds the mast majority realise there is a long way to go before everyone can truly feel that they belong and are treated fairly.
The report compares the views of all respondents, with those of women, LGBTQ+, ethnic minority and disabled people, highlighting significant differences where they occur.
Many participants noted progress on gender balance, but fewer than half (43%) agreed that the mortgage industry attracts a workforce that is representative of the whole community. Women and people who belong to various minority groups (LGBTQ+, ethnic minority) all have more negative perceptions of the diversity of the workforce than colleagues without protected characteristics.
There are widespread concerns in relation to career progression for women and people from minority groups. More than half of women (54%), LGBTQ+ (56%) and ethnic minority (52%) respondents believe that people like them are not well represented at all levels of the mortgage industry. Asked specifically about whether they agree that everyone in the mortgage industry has the same opportunities to progress and is rewarded fairly, regardless of their demographic profile, 47% of women, 32% of LGBTQ+ people and 28% of people from ethnic minority backgrounds disagree with the statement. From their perspectives, the mortgage industry is not a level playing field.
Sexual harassment, inappropriate behaviour, bullying, physical harassment or violence have been experienced by 8% and 7% of survey respondents respectively, and witnessed by many more. As the report says, there should be no place at all for these behaviours in a modern workplace – indeed anywhere. Otherwise, the most common forms of discrimination are about feeling undervalued, being unfairly spoken to, demeaning language being used, and feeling uncomfortable or exclusion in the workplace: more than 20% survey respondents reported those. Between 15 and 20% of survey respondents experienced or witnessed being passed over for promotion, feeling uncomfortable at industry events, and being made to work on tasks below their skills or pay grades.
One of the more damning quotes from interviewees was: “I don’t think there’s one woman in my industry that hasn’t suffered from sexism to various degrees. Some of the stories they tell are horrific.”
The report says that while there is a long way to go to achieve full diversity and inclusion in the sector, there is a strong desire to make a change.
The overwhelming majority of people now understand the importance of improving diversity, inclusion and equity in the mortgage sector. Overall, 82% of respondents feel that this is important and only 5% think that it is not – with some being unsure.
Ami chief executive Robert Sinclair says: “The report highlights simple actions that we can all take to make a change individually, as well as more structural changes required at firm level. We have some real hope for the future, some real talent to let through our doors, a real chance to make a difference to the lives and experiences of so many within this industry. AMI is committed to work with intermediary firms, lender partners and the industry, as a whole, to do so.
“We must come together, banish poor behaviour and choices, and eliminate any ingrained prejudices to ensure that we, as an industry, attract a diverse workforce. We must champion true meritocracy, smash glass ceilings and ensure we are truly representative of the customers we advise now and in the future.
“Our industry, our people and our clients will thank us.”
The AMI board would appreciate your support by joining us on this journey.”
Ami chair Andrew Montlake says: “Several things are abundantly clear from this report which are worth mentioning. The first is that bullying, discrimination and sexual harassment have no place in our industry or in society as whole. We will not stand for this behaviour and a new code of conduct needs to be clear from all firms being represented at industry events.
“Invites based on business levels rather than behaviour must be consigned to history and we must all call out bad behaviour when we see it, knowing that there will be support around us. Everyone should feel safe, included, and welcome at our industry events. What is stark is the number of people who left or are considering leaving a company due to concerns around discrimination, with not just women or minorities, but 23% of Type 1 men also feeling this way.
“This is not a report intended to pit one side against another. The very concept of equity is that everyone’s voice is valid. It’s about saying we are all included, the Type 1 white male voice referred to in the report is not diminished but has equal billing with all genders, ethnicities and sexual orientations. No voice should be unheard.”
The full report can be read by members on the Ami website.
