6 Skyline | Edition 3 | Winter 2021
Diversity , inclusion and equity in the mortgage industry
Lucy Lewis
Senior Policy Adviser AMI
According to the 2011 Census , women and girls made up 51 % of the population of England and Wales . 86 % of the population was White : London had the smallest percentage of White British people at 44.9 % and the North East the highest at 93.6 %. ONS data from 2019 showed the proportion of the UK population aged 16 or over identifying as heterosexual or straight was 93.7 % in 2019 . The 2021 census data is expected to be published in late Spring 2022 , including data on sexual orientation for the first time so it will be interesting to see how these numbers have changed .
As an industry with consumers at the front and centre of our proposition , we need to consider whether our firms are representative of the consumers and communities they serve . Experience of different cultures and backgrounds is important when understanding and supporting the needs and aspirations of consumers . With the UK population becoming increasingly diverse this should be reflected within our industry , from the advisers dealing with customers to the senior management and boards setting firm strategy .
While debates around diversity and targets can be divisive and have been reported to lead to feelings of exclusion for some , few would argue against inclusive cultures within organisations and the need for people to feel that they can bring their true self to work . Putting the moral reasoning aside , an inclusive firm that embraces diversity of thought makes good business sense . Research proves that companies with strong gender and ethnic diversity outperform their competitors , are more innovative , and are more attractive to future employees .
Discussions on diversity , inclusion and equity at the Association of Mortgage Intermediaries only really started in 2018 , three years after the government started the review into the representation of women in senior managerial roles in financial services and the same year that Megan
Butler , then the FCA ’ s Executive Director of Supervision , spoke at the Women in Finance summit and explained that changing the culture of an organisation was key and that a firm must also consider out of work ( evening ) events . Whilst the AMI Board agreed that it was something that should be looked at , recognised the lack of diversity amongst the board ’ s members , and agreed to schedule further discussions , in all honesty it wasn ’ t until the events in America , following the murder of George Floyd and a talk given to the Board by Dominic Scott , MD of Alexander Hall , that everyone understood that not being racist was not enough . We need to be anti-racist ( discrimination ) and AMI as an organisation needs to drive positive change in the industry .
Our journey is still in its early stages . The first meaningful step was the decision to commission the AMI Viewpoint on diversity , inclusion and equity in the mortgage industry . With the help and support of Aldermore and Virgin Money and an independent research agency , we were