The Association of Mortgage Intermediaries (AMI) has published a report on Diversity, Inclusion and Equity in the mortgage industry.
1,178 people who work in the sector contributed their views in an online survey and 10 people with various ‘protected characteristics’ agreed to be interviewed to delve deeper into their experiences of working in the sector. In places it makes for uncomfortable reading.
The research found that 54% of women, 56% of LGBTQ+ respondents and 52% of ethnic minority people believe that people like them are not well represented at all levels of the mortgage industry.
In addition, there is a perceived predominance of white men at the top of the sector, with industry events seen as perpetuating this lack of diversity.
One respondent said: “Male colleagues go off and they do their golf days and the days or the nights out and the beers out and you don’t get invited. They’re boys and that’s what boys do.”
Another stated: “I don’t see myself reflected within the industry, I have carved out a niche for myself and avoided the rest of the industry because I don’t fit there.”
It does not mean that change cannot and is not happening. The report notes that barriers to entry into the mortgage industry are lower than in many other domains, with many people saying they just ‘fell into it’. The report says this presents a unique opportunity for the industry to be more deliberate about widening its recruitment to increase workforce diversity and to engage in outreach at a time when many young people – especially women and people of colour – are often educated to a higher level than their male white British peers.
AMI, supported by Aldermore and Virgin Money, says it hopes these research findings will commence more conversations, stimulate thought and bring real change.
Robert Sinclair, chief executive of AMI, said: “The report highlights simple actions that we can all take to make a change individually, as well as more structural changes required at firm level. We have some real hope for the future, some real talent to let through our doors, a real chance to make a difference to the lives and experiences of so many within this industry. AMI is committed to work with intermediary firms, lender partners and the industry, as a whole, to do so.
“We must come together, banish poor behaviour and choices, and eliminate any ingrained prejudices to ensure that we, as an industry, attract a diverse workforce. We must champion true meritocracy, smash glass ceilings and ensure we are truly representative of the customers we advise now and in the future. Our industry, our people and our clients will thank us.”
“The AMI board would appreciate your support by joining us on this journey.”
