Speaking at the Protection Review conference in London, Helen White, director of the insuring futures programme at the CII, said fundamental change in culture and practices was needed to “engage, educate and empower” women to build independent financial resilience.
Liz Field, chief executive of the Personal Investment Management & Financial Advice Association (Pimfa), said: "Gender equality is still a serious issue in our profession with women making up just 10 per cent of all leadership roles across finance.
"Research from PWC also found that 34 per cent of young women in financial services left their last job because of a lack of career progression, and 60 per cent said they felt firms were not doing enough to encourage diversity."
Earlier this year, Raymond James's rival St James's Place reported its gender pay difference data, revealing one of the largest gaps in the industry between what mean and women at the firm are paid.
The data, published back in March, showed men on average earned 47.2 per cent more than women at St James's Place last year.
Women at the firm also received 80 per cent less in bonuses than men on average.
The company said the gap was due to a lower proportion of women in senior roles.
david.thorpe@ft.com
