The inquiry will also look at the value to financial firms of having greater gender balance across all job grades and functions, and will scrutinise the role of government and financial regulators in acting as role models for good gender diversity practices.

The first evidence session of the inquiry will be on 24 October with Jayne-Anne Gadhia, the chief executive of Virgin Money and the government’s women in finance champion.

Nicky Morgan, chair of the Treasury committee, said: ‘More women than men are employed in the financial services sector, but female representation at senior levels has been historically low.

‘Gender diversity across job grades and functions delivers benefits to firms, society and the wider economy.

‘As part of this inquiry, the committee will scrutinise the progress of the Treasury and firms against the women in finance charter.’

In July 2017, the Treasury announced 141 firms had signed the women in finance charter. Signatories commit to supporting the progression of women into senior roles in the financial services sector by focusing on the executive pipeline and the mid-tier level, and firms are required to publicly report on progress to deliver against their internal targets for this.

Organisations who sign pledge to promote gender diversity by having one member of the senior executive team who is responsible and accountable for gender diversity and inclusion; set internal targets for gender diversity in senior management; publish progress annually against these targets in reports on the company website; and have an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.

Current signatories include KPMG, EY, PwC and the Financial Conduct Authority.

The Treasury committee women in finance inquiry webpage, where evidence can be submitted, is here.

Report by Pat Sweet