Meritocracy remains a myth in finance: Final ACT research report launched

On Tuesday 14 October, Women in Banking & Finance and The Inclusion Initiative at LSE unveiled the fourth and final year of the Accelerating Change Together (ACT) research programme at a landmark event hosted by Rathbones. The findings, delivered by Dr Grace Lordan, expose the stark reality that the long-held belief in finance as a meritocracy simply does not hold up under scrutiny.

Despite decades of initiatives and public commitments to equality, the research shows that women in financial services continue to face significant barriers to progression, with representation at senior levels remaining stubbornly low. The ACT programme was created to go beyond anecdotal evidence and good intentions, using rigorous, data-driven analysis to measure whether meritocracy exists in practice and what can be done to achieve it.

 We were honoured to have Camilla Stowell open the event, and to hear Dr Lordan not only present the report but also reflect on four years of groundbreaking research – supported by her dedicated team at The Inclusion Initiative. We are deeply grateful for their leadership in shifting the conversation from moral imperatives to business necessity, and from beliefs to evidence.

A thought-provoking panel discussion followed, featuring Tangy C Morgan, David Germain, Alia Qamar, and Katelyn Brown, who shared their perspectives on how the sector can act on these findings to build more inclusive, high-performing organisations.

We also want to to thank our sponsors – Rathbones, Aegon, EY, Moody’s, Goldman Sachs, and Lombard Odier.

Headline Themes from the Report

• Meritocracy remains a myth. Even with identical qualifications and performance, women face bias in evaluation and progression.

• The cost of bias is lost productivity. Firms undervalue women’s contributions and under-sponsor their potential, reducing innovation and overall output.

• Inclusion drives performance and growth. Data links inclusive leadership and diverse teams to stronger innovation, engagement, and firm-level productivity.

• Small actions, big results. Behavioural “nudges” in evaluation, sponsorship, and team culture deliver measurable productivity gains.

• From belief to evidence. The research moves from assuming meritocracy to proving what practices actually deliver it – creating a practical blueprint for leaders.

Recommendations and Call to Action

The report identifies four levers that can drive the greatest impact:

• Cultivate inclusive leadership

• Tackle the ‘groupthink’ problem

• Invest in networking and advocacy

• Build robust support for work-life balance

Empowering women in financial services is not only a moral imperative but also a business necessity. Diverse and inclusive teams drive better innovation, decision-making, and profitability – and, fundamentally, it is about fairness and fully utilising talent.

We are delighted to share with you the final ACT Year 4 research report, Advancing Women in Financial Services.

Download and read the full report here.