Women working in financial services have expressed concerns over linking senior managers’ pay to gender balance targets at financial firms, which is the headline recommendation of a UK government-led report into gender equality in the City.

The recommendation followed a nine-month review of diversity in the UK's financial sector carried out by Virgin Money CEO Jayne-Anne Gadhia. The report, published by the UK Treasury on March 22, also called for organisations to set internal diversity targets for senior management, publish annual progress reports, and appoint an executive responsible for gender, diversity, and inclusion.