Industry leaders are looking to shatter glass ceilings for women

The past four decades has seen significant changes in the shape of the industry in Scotland, as well as the impact of technology on how firms operate and serve their customers. But it is perhaps in the area of gender representation that the most noticeable changes have taken place.

When SFE was founded four decades ago, its board was entirely male, indeed that didn't change until almost 20 years later. Today half of our board members are female, which reflects a broader transformation across Scotland’s financial and professional services industry over the past 40 years.

With the support of Lloyds Banking Group, we are today launching a report exploring progress made in recent years and the work still to be done in this space.

Across our sector, organisations have introduced targeted initiatives to support women’s career progression, raised awareness around equity and inclusion, and expanded education, mentoring, and training opportunities to inspire the next generation. These achievements represent real, tangible progress, and the dedication behind them across firms of all sizes should not be underestimated.

Yet, as our new report highlights, the journey toward true equity is far from complete. Systemic hurdles - including unconscious bias, persistent gender pay gaps, and the ongoing challenge of balancing family life and caring responsibilities with career advancement - continue to hinder female talent from progressing into key decision-making positions.

To understand where our sector truly stands, this report draws on a comprehensive survey of SFE members carried out earlier this year. The findings offer candid, invaluable insights into the lived experiences and perspectives of individuals in organisations across Scotland’s financial services sector. While the data acknowledges the substantial strides made over recent decades, it underscores an unequivocal message: incremental progress is no longer enough if we are to unlock the full talent pool, foster innovation, and realise the economic potential of our workforce.

To drive meaningful, lasting change, our report sets out three practical recommendations developed in direct collaboration with SFE’s Gender Equality Network. First, we must strengthen allyship and active sponsorship, moving beyond traditional mentorship to ensure senior leaders actively advocate for female colleagues and champion them into executive leadership roles.

Second, the industry must accelerate female representation in leadership by establishing robust talent pipelines, and transparent recruitment processes to break remaining glass ceilings.

Third, we are committing to an annual industry report to benchmark progress across the sector, share best practices between firms, and maintain long-term momentum, accountability, and transparency across every level of business.

Our Gender Equality Network, chaired by Arlene Stokes, Chief People Officer at Aegon UK, plays a crucial role in bringing firms together from across Scotland to share experiences, elevate female role models, and challenge where our industry can do better. With the invaluable support and strategic partnership of organisations like Lloyds Banking Group, we have the collective weight, vision, and determination needed to turn these practical recommendations into lasting, industry-wide impact.

The progress of the last 40 years shows what can be achieved when clear intent meets dedicated action. Our collective responsibility now as industry leaders is to build on those foundations and ensure the next 40 years deliver continuous, systemic change - creating a financial services sector in Scotland where every woman, regardless of her background or role, has the opportunity to progress, lead, and fulfil her full potential.