More needs to be done, say professionals
Inclusivity in the mortgage sector needs to improve, according to leading female figures, who say they often find they are ‘the only women in the room’.
They include highly successful professionals from big name brands such as Legal & General, Together, More2Life, and The Mortgage Mum.
Clare Beardmore, director of distribution and mortgage club at Legal & General Mortgage Services, acknowledges there has been some progress since she joined financial services around 20 years ago. But she suggests change has to happen faster, both in terms of gender balance and in its adoption of technology.
“As a whole, I don’t think the industry has changed that much,” Beardmore (pictured left) told Mortgage Introducer. “I am often still the only woman in the room, however, it is encouraging to see this slowly shifting. Overall, I think the pace of change in our industry is one thing that we could be better at.”
Tanya Elmaz, director of intermediary sales at Together, has also been in the industry for 20 years.
“I speak from experience when I say that finding yourself as the only woman in the room isn’t unusual,” said Elmaz (pictured centre). “This reflects a broader industry issue that there is still an underrepresentation of women in finance, in particular leadership positions.
“It’s important that we all continue to address gender balance. While we have made great strides in recent years, there is still progress to be made. It’s crucial that companies foster a culture where women can thrive, contribute meaningfully, and push upwards in their careers without facing unnecessary barriers.
“We need to implement mentorship and training programmes, we need transparent promotion practices, and we need to set clear diversity targets and goals. It is also imperative that we adopt inclusive hiring practices and address the gender pay gap.”
Does the mortgage industry workforce represent the whole community?
A report by AMI – the Association of Mortgage Intermediaries – was presented to the Mortgage Business Expo in 2023, by Kate Davies, executive director of IMLA, the Intermediary Mortgage Lenders Association. The study found that while there was some progress on gender balance, 43% of respondents said the industry did not attract a workforce that was representative of the whole community.
Women and people from minority groups voiced concerns about career progression – with between 15 and 20% saying they had been passed over for promotion and been made to work on tasks below their skills or pay grades. Eight per cent (8%) had experienced sexual harassment, inappropriate behaviour, bullying, physical harassment or violence, which was witnessed by many more.
“It’s important that our customers - mortgage borrowers - are reflected in the people who advise and serve them,” remarked Davies, “so it really makes sense for firms to develop and encourage much greater diversity amongst their employees. It may take time for more women to achieve higher-status roles in senior management, but the talent is undoubtedly there.”
READ MORE: How the mortgage industry is stepping up on diversity, equity & inclusion
What progress has there been on gender diversity in mortgages?
When Fran Green joined the industry at the age of 19, she became Furness Building Society’s first-ever business development manager. Having been in the mortgage lending business for over three decades, Green (pictured right) is today national accounts and networks manager at more2life. She has witnessed significant progress in terms of gender diversity, but believes challenges remain.
“Change has been slower than it should be, especially in the later life lending space,” Green said. “It is concerning that I can still count on one hand the number of known female professionals in this market. We must continue to push for greater gender balance and embrace technological advancements to ensure our industry evolves and becomes more inclusive for future generations.”
Serena Smith, mortgage & protection specialist, at Mortgages with Serena shared: “I am often met with a shocked face when I say I am a mortgage broker. It’s still a very male world but I find my clients prefer a woman’s understanding and empathy in these circumstances much more than a man, who - in most of my client’s words - they find patronising and condescending.”
Jordanna Whiley, a mortgage and protection adviser at Hearthstone Mortgages, was named Rising Star (Broker or Distributor) at The Mortgage Introducer Awards 2023.
“Often, when I go to events, it is male-heavy,” Whiley noted. “I have definitely seen more women enter in industry over the years, but there are some conferences I go to where I am the only woman in the room.”
A four times Paralympic medallist and 13 times Grand Slam champion in wheelchair tennis, Whiley explained how her previous experience empowers her.
“I am from an elite sporting background so I am used to the male-dominated coverage,” she said. “The way I overcame that was to shine brighter than them and become a face for women to lead the way.”
A senior mortgage adviser at the female-owned broker firm, The Mortgage Mum, Kim Balasubramaniam observed: “As a relative newcomer to the industry, having arrived from the events world - where the majority of business were female led - financial services seems a very male-dominated world.
“Research suggests that women will own 60% of the UK’s wealth by the end of 2025, but are still under-represented within financial services, with under 20% of financial advisors being female. Ultimately we need to see more female leaders to give the next generation the message that women are not only welcomed in the industry, but are well represented at all levels.”
Joela Jenvey, an independent mortgage and protection adviser at Nurture FS, meanwhile, pointed to an imbalance of representation at board level.
“The key I believe is inclusivity and to appreciate that we can all learn something from everyone we meet, give people credit and recognition for the work they do and work collaboratively across generations,” she said.
A new report by AMI, into diversity, inclusion and equity in the mortgage industry is due to be published in November.
