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Mortgage gender pay gap nearly twice UK average


The gender pay gap in the mortgage market is nearly double the national average, according to emerging Government figures.

The mortgage market has an average pay gap of 33 per cent for all workers, compared to 18.8 per cent nationally.

This weekend the Government began publishing pay gap figures for firms with more than 250 employees.

Firms have until the end of the tax year to make this information available. So far 553 firms have done so, including 16 employers in the financial sector.

Evidence from this first wave of firms suggests the pay gap in the financial services sector is a serious problem, with most firms reporting a pay differential of at least 30 per cent.

Octopus Capital and Clydesdale Bank are the two financial firms so far with the highest gender pay gaps, both more than twice the national average.

The average hourly rate of pay for women working at Octopus Capital is 38.1 per cent lower than that paid to men. At Cyldesdale Bank the average women’s pay is 37 per cent less.

At Virgin Money the average pay gap is 32.5 per cent, TSB Bank 31 per cent and Co-operative Bank 30 per cent.

At Aldermore the average pay gap is 29.9 per cent.

Both Octopus Capital and Clydesdale said this problem was due to a lack of women in senior positions, rather than men and women being paid different amounts when working in comparable roles.

Clydesdale Bank’s spokeswoman said: “This is a problem for the whole financial services industry. We have a strategy in place to recruit and promote more women into senior roles.

“We have tried to be transparent about this information. We are addressing this problem and working to narrow this gap.”



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