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The Women in Finance Awards 2018: June 27

Ben Lobelby Ben Lobel

Last night we celebrated once more the individuals and organisations leading the way in promoting a diverse and inclusive finance industry.

*Our 2018 winners will be updated shortly*

Every report and study into the barriers for gender diversity in corporate Britain takes us one step closer to unearthing the issues that lie at its core. In a single breath, industry commentators laud London for retaining the mantle as the world’s top financial centre, while calling out the sector for being the worst at retaining and promoting women past middle management.

The burden of societal and organisational expectations, biased managers, the lack of flexibility or empathy, and a dearth of relatable role models are just some of the barriers for women in financial services. As varied and hard to crack as these issues may be, research from multiple experts highlights the benefits of building a community of relatable role models in male-dominated sectors.

The Women in Finance Awards is the finance industry’s largest diversity initiative to do just that.

Identifying trailblazers

Celebrating the high-achievers, advocates and role models for women in the sector, the Women in Finance Awards works to level the playing field for early-to-mid career women in the sector.

The programme celebrates these role models in middle and senior management, nominated by themselves or their peers, to encourage a new tranche of women in the early phase of their careers to break through barriers and grow within the sector. The idea is to tackle the main obstacles standing in the way of female representation in senior levels in finance, that of mid-career stagnation, the lack of role models and mentors in the sector, and countering the gender pay gap, hiring and promotion biases.

Supported by the HM Treasury’s Women in Finance Charter, London Stock Exchange, EY, FinTech Advisory, LV=, M&G, NatWest, Prudential, Rolls-Royce, Schroders and Virgin Money, the event will bring together key stakeholders to raise awareness of the sector’s diversity problem as well as celebrating inclusion, leadership and finance excellence.

The shortlist

Nominations for the Women in Finance Awards closed in April 2018, raking in 793 submissions across 20 categories. Through a rigorous vetting process, 221 nominees have been shortlisted.

An independent panel of judges met on May 30 to decide the 2018 winners, who will be announced at the black-tie gala ceremony on June 27 at the Royal Lancaster London, Hotel.

Rising Star of the Year

This award recognises the best and brightest women in their first five years of working within the financial services industry. Judges will be looking for nominees who have a unique and inspiring story to tell. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Personal growth, ambition, and drive
  • A positive, measurable impact on the team in terms of inclusion and morale
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

Wealth or Asset Management Rising Star of the Year

2018 Shortlist

Finance Rising Star of the Year

Sponsored by Virgin Money

2018 Shortlist

Ambassador of the Year

Sponsored by

LV=

This category celebrates the individual who has achieved a long-term impact on the way people and organisations think about and practice gender diversity. The Ambassador of the Year will be a prominent person in business and/or financial services who publicly champions gender parity in the sector. The Ambassador of the Year is ambitious, bold, daring, charismatic, and unabashedly dedicated towards encouraging women in the sector to grow.

2018 Shortlist

Advocate of the Year

This award is open to the organisation or person regardless of gender, that has gone out of its/her/his way to support the cause of getting more female representation in senior levels and stamping out barriers to growth for women in financial services.The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • A prominent/lead role in establishing and developing initiatives and training schemes for women in their early-to-mid career stage
  • Measurable impact on, and integration with, the wider organisation
  • Mentorship and/or sponsorship of female talent
  • Active advocacy of the female voice at management level
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

Leadership Advocate of the Year

2018 Shortlist

Banking & Insurance Advocate of the Year

2018 Shortlist

CFO of the Year

Sponsored by

This award is open to chief financial officers who have proven to be strategic visionaries for the business. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Contribution to delivering financial growth and guiding the company to exceed its goals
  • Success in overcoming significant business challenges or barriers
  • Examples of team leadership and superior management
  • Continued support of the CEO and board, guiding the company to exceed its goals
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Specialist Investor of the Year

This category recognises a leading investor in private equity, venture capital, business angel or investing institution. The winner of this award will be a role model for women in a wide range of disciplines. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • An ability to assess opportunities, manage the due diligence process and close deals in difficult circumstances
  • A reputation among portfolio companies for providing valuable support
  • Consistent outstanding performance, including stable long-term returns on their major capital investments
  • Proactively championing gender diversity within and/or beyond the organisation (e.g. through mentorship, guidance, training, media appearances, social media discussions etc).

2018 Shortlist

Fund Manager of the Year

Independent research reveals that only about 3 per cent of fund managers in the UK are female. This award recognises the fund manager that has outperformed peers while furthering the cause of encouraging a healthy talent pipeline for women entering the field. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Strong returns for investors
  • Sustained high performance relative to peers and industry benchmarks
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Wealth Manager of the Year

This award recognises the person in the wealth management sector that displays an outstanding track record of performance in various financial conditions. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • An outstanding track record of performance
  • Proactivity in tailoring inclusive solutions for female clients in managing their personal finances
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Financial Adviser of the Year

This award recognises the standout financial adviser who has achieved outstanding returns while championing financial inclusivity. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • A track record of delivering for clients that truly add value, particularly in tough economic times
  • Strategic counsel to encourage financial inclusion
  • Recommending bespoke products and services for the unique needs of female clients
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc).

2018 Shortlist

Banker of the Year

Sponsored by Fintech Advisory

This award recognises influential and inspirational women in banking. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Contribution to strong financial performance
  • Introducing/guiding the bank in the form of new best business practices, expansion into new markets, or innovation in terms of new products or services
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Fintech Champion of the Year

The judges looked for evidence demonstrating:

  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

The award is based on achievements made in the period 1 January 2017-1 January 2018.

2018 Shortlist

Future CFO of the Year 

This award is open to those in mid-to-senior positions within the financial industry (with titles including finance manager, finance director, and head of finance) who have proven to be future strategic visionaries for the business and demonstrated financial superiority within their sector. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges looked for evidence demonstrating:

  • Individual contribution to a company’s financial growth
  • Examples of projects/contributions demonstrating financial leadership for the company
  • Examples of team work and makings of strong leadership
  • Continued support of the CFO
  • Proactively championing gender diversity or aiming to, within and/or beyond the organisation(e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Accountancy Leader of the Year

This award is open to accountants who have consistently met or exceeded challenging objectives to ensure the highest quality of provision of accountancy and related services. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Contributions to delivering financial growth for the firm
  • A reputation among clients for providing valuable support
  • Team leadership and superior management
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Insurance Leader of the Year

This award is open to the strongest contender in the insurance sector. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • An outstanding track record in attracting and managing clients
  • Exceptional leadership
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Legal adviser of the Year

This category celebrates the corporate lawyer that has broken barriers to advancement and carved out a niche for herself in the firm and wider sector, as well as paving the way for diversity in leadership. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Measurable significant positive contribution to the development, enhancement or success of the firm through innovative practice measures or pro bono work
  • A reputation among clients for providing valuable support
  • Team leadership and superior management
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Employer of the Year

Sponsored by

Rolls-Royce logo

This award recognises those companies that have proactively cultivated an inclusive and diverse workforce, aiming to achieve equal gender representation at all levels. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Diversity among junior, mid-level and senior employees
  • Inclusive and flexible maternity/paternity benefits
  • Extensive policies to prevent biases in recruitment and operations
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship programmes, training initiatives, positive public image for being gender diverse)

2018 Shortlist

Disruptor of the Year

Sponsored by Natwest

Natwest logo

This category celebrates the companies that have reinvigorated gender diversity in the financial services industry by provide new and innovative ways to improve the gender balance in the sector across levels. The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Innovation in products and/or services that are specifically helping the sector tackle barriers to diversity (e.g.: removing hiring biases, innovative training and mentorship programmes, encouraging returnship)
  • Measurable impact and/or breakthroughs
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

2018 Shortlist

Recruiter of the Year

Sponsored by

  

This category recognises the recruitment firm that has championed equal pay and diversity in financial recruitment.The award is based on achievements made in the period 1 January 2017 – 1 January 2018.

The judges will be looking for evidence demonstrating:

  • Outstanding value to their clients through the recruitment process
  • Innovative and insightful counsel to help their clients achieve fair gender representation at every level
  • Proactively championing gender diversity within and/or beyond the organisation (e.g.: through mentorship, guidance, training, media appearances, social media discussions etc)

The event will see around 800 of London’s best and brightest finance professionals and advocates for gender diversity, from accounting, insurance, banking, fintech, venture capital, corporate law, financial advisory, retail investment, and more.

Diversity can be London’s competitive advantage

One of the key drivers for the Women in Finance Awards is to encourage organisations and individuals in the sector to put diversity first. What separates London from other top financial hubs in the world is its history and robust infrastructure. Cities like Singapore and  aren’t nearly as steeped in history as London may be as a financial hub, but in terms of diversity and workplace culture, these markets may prove to be more agile and inclusive.

In the Z/Yen Group’s Global Financial Centres Index, New York, Singapore, Hong Kong and Tokyo are hot on our heels as financial hubs in their own right. What will keep London ahead of the pack is the competitive advantage that only financial organisations with diverse leadership teams can bring.

The study’s key markers for competitiveness are the business environment, human capital, infrastructure, sector development and reputation, the latter under which diversity and work culture fall. Any one of the top 10 cities could easily topple London’s reign if the sector doesn’t work to fix the biggest chink in its armour: the fact that only 10 per cent of senior business positions are held by women, despite the proven positive impact that more women in leadership roles can have on organisations.

Real models over role models

Banks and rudimentary financial services may have existed for centuries, as has the idea that the woman’s place is at home. Modern businesses have been developed by and for male leadership, and despite the major steps that have been taken in the past four decades to alter that course, women still find it difficult to fulfil their potential within these structures, according to research from Right Management.

Organisations who want the benefits of engaged and motivated female talent should look to women-owned businesses to understand where the gaps are. If not, they run the risk of losing their best talent to competitors as more women leave to start their consultancies and challenger firms.

According to the Right Management study, female founders list having a mentor as one of the top three enablers of success, allowing them to be open about their personal challenges with somebody with more experience, which isn’t as widely available in established companies. Women need ‘real models’ as opposed to just role models. The study underscores that women benefit from learning from people who are accessible and relatable in their careers and experiences, and those who are open in sharing their failures as well as their success to get to where they are. The persistent dearth of women in leadership roles can leave the talented middle demotivated, without any direct models.

The “pinched middle”

Diversity at the top remains elusive, with the vast majority of firms only managing a small proportion female partners, if at all. Across the board, the average ‘drop-out’ point is when women reach manager and senior manager grade, which is usually when they are in their late 20s and early 30s. A report by diversity consultants Unida and Source Global Research refers to this as the “pinched middle”, where societal expectations of the long-standing female ideal of  ‘having it all’ starts to kick in.

A lot has been written about the issues facing the “pinched middle”, but more often than not, experts are left with more questions than answers. What can truly change societal expectations? Why do so few men opt-in for shared parental leave? Why are women having to choose between work and home? Why is success in the sector still judged by deals made over brandy and cigars at a male-dominated private club?

Challenging societal expectations

According to the Source Global Research and Unida research, there’s no easy answer as to why this is. The reasons are complex, intertwined, and often difficult to separate from one another. Many lie in societal factors and the longstanding cultural expectations that both men and women have of a woman’s role. This may be beyond the remit of individual firms or the sector as a whole.

Others lie in more unfortunate coincidences. Many women are hitting a pivotal stage of their career while also deciding to start families, which often requires time out. The sector as a whole is competitive by nature, and the target-led, fast-paced work environment may seem less appealing or overwhelming after maternity leave. The extreme ‘client comes first’ culture and the lack of empathy from colleagues and managers only serve to exacerbate the issue. Many working mothers also believe a trade-off is inevitable, and this idea is further cemented when they don’t have many women to look up to past the the glass ceiling.

Ben Lobel

Ben Lobel

Ben Lobel was the editor of SmallBusiness.co.uk and GrowthBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.

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