Diversity in Finance Awards 2024
What this year's winners did to impress
All the winners of the 2024 FT Adviser Diversity in Finance Awards: revealed!
Now in their fifth year, the FT Adviser Diversity In Finance Awards have become one of the most important awards events in the financial services calendar, and rightly so.
The Difas, as they have become known, recognise – across 20 different award categories – those individuals and companies in UK financial services who have demonstrated their support for minority groups, promoted and inspired those who are under-represented, taken definitive action to identify and correct inequities, and who make a significant contribution towards improving diversity, equity and inclusion across their professional spheres.
Judges looked for strategic thinking that cuts across the whole organisation.
It is very easy to create one-off initiatives that speak to DE&I. In previous years, we may have judged winners based on how well their initiatives or awareness days have performed.
But, as Amy Browne of CCLA Investment Management told FT Adviser the other week, having a one-off initiative or awareness just generates noise and heat; it does not have a lasting, deep impact.
She said: "An initiative without a strategy is like shooting into space; you don't know where the problem lies, or where the target is. You can’t keep up with the changing needs of your employees."
This is why the judges – who you can meet towards the end of this report – really looked for those initiatives that came as a result of clear, strategic thinking that cut across – and through – the whole organisation.
Impactful initiatives, strategy, long-term vision and a deep understanding built from months – if not years – of research into a company's workforce and client base are the four core elements of all the shortlisted entries.
Those who were shortlisted were able to demonstrate clearly the reasoning behind their actions, and could quantify the positive progress those actions have made over the past 12 months.
You can read some of their case studies in this report.
And those winners celebrated in style – as you can see from our exclusive highlights video below:
But to find out what really made some companies stand out, and why they made it onto the shortlist out of nearly 200 responses in total, read the case studies below.
Once again, well done to this year's fantastic winners, highly commended competitors and all those who made it onto the shortlists in these highly prestigious FT Adviser Diversity in Finance Awards.
Thank you again to our judges, who gave their time and expertise to help select our winners, and to the Personal Finance Society for supporting our awards.
Simoney Kyriakou is editor of FT Adviser
Candidate Case Studies:
Showcasing best practice in DE&I
Case Study: Barclays Eagle Labs
- Winner: Diversity & Inclusion Initiative of the Year (Small Company)
- Highly Commended: Community Engagement Initiative of the Year
- Shortlisted: Diversity Champion of the Year (Small Company)
Barclays Eagle Labs was a newcomer to the FT Diversity in Finance Awards 2024, but after swooping in it hooked the judges with its range of action to improve DE&I and its strategic, data-led approach to building a more inclusive workplace and brand for the future.
It stood out amid competitors in the Diversity and Inclusion Initiative of the Year (Small Company) category for the work it has been doing, not only internally to raise awareness of issues such as social mobility and improving minority representation, but also in supporting the wider community.
Over the past few years, it has been committed to addressing the complex challenges that diverse and under-represented founders face, thereby helping to create a fair entrepreneurial landscape.
As a result, it started to build on a flagship programme it created in 2020, in partnership with Foundervine. This aimed to champion diversity in entrepreneurship and showcase Black founder-led businesses.
Since its conception, Barclays Eagle Labs has supported more than 160 Black-led businesses.
But the team realised they had to do more, and that better data analysis of the potential consumer base was vital to understanding the barriers that Britain's next generation of entrepreneurs faced.
Building on its Unlocking Growth report, which it had commissioned in 2022, the team identified that finance was the biggest barrier to Black founders achieving success.
More work needs to be done to create a level playing field for diverse founders in the UK.
Over the past 12 months, Barclays Eagle Labs set out its strategy to address the complex challenges facing Black founders, and to address biases and power imbalances, while improving people's access to networks and opportunities.
It subsequently launched its Black Venture Growth programme.
Barclays Eagle Labs said: "This is to support black and ethnically diverse founders by increasing the flow of resources, capital, expert support, exclusive training, product showcases and network access through targeted support."
Already it has received more than 250 applications and has been able to support 20 founders in the first cohort.
It has just launched a second cohort of applications to bring the next Black-led ventures onto its growth accelerator.
The judges were impressed by the speed at which the team had challenged its own previous successes, implemented findings from a report, set about a strategy to fix a wider problem in British society, and then created a long-term initiative that will help boost Black British businesses.
The team commented: "The more unique perspectives you have available, the more opportunities you can identify.
"We also recognise that more work needs to be done to create a level playing field for diverse founders in the UK."
The team was also highly commended for its work in providing dedicated female founder-focused one-to-one mentoring and support.
In 2023, the team introduced its first Asian-founder meet-ups series, sessions that are designed to provide resources and support for aspiring and established Asian entrepreneurs on their journey to success.
The community meet-ups foster safe spaces for collaboration networking, knowledge sharing and mentorship opportunities.
Case Study: Bullseye Financial
- Shortlisted: Individual Diversity Champion (Small Company)
Bullseye Financial made a strong impact on the judging panel with its first-ever submission to the FT Adviser Diversity in Finance Awards.
In a category with nearly 50 entries, its founder Lingling Wu managed to secure a place on the coveted shortlist for Diversity Champion (Small Company).
Wu, who came to Britain in 2014, founded Bullseye Financial Ltd in 2021 to offer specialised asset and investment management solutions, in particular to provide a one-stop-shop for professionals working as expatriates in London who are seeking financial advice.
But she didn't stop there. She also founded the Bullseye Academy, to deliver free education to students interested in financial markets.
Her submission highlighted four cornerstones of her commitment for promoting diversity, equity and inclusion.
First, as a role model for women in finance, leading a business that champions gender equality for women for all its stakeholders.
According to her submission, the top management of the company is entirely female. Some 80 per cent of her staff are women, and more than than 60 per cent of her client base are female.
She has also actively encouraged all employees’ career development, empowering the development of the mostly female staff members.
Helping to create a workplace that remains inclusive, Wu has introduced flexible working hours and patterns, enabling more working from home, for example.
Bullseye Financial is also planning to integrate learning materials through the BFL website to provide resources.
The fourth cornerstone is the work she has been doing to help young people enter the profession and become better informed about the financial markets.
She describes the work of the Bullseye Academy, which runs educational courses via workshops and lectures.
Wu says: "The Academy has run summer camps at Churchill College, Cambridge, and arranged lectures and workshops at the universities of Bath and Newcastle.
"In addition, BFL has provided internships for students in their holidays, providing work experience.
"Bullseye Financial is also planning to integrate learning materials through the BFL website to provide resources for those who want to learn more about finance and investment."
FT Adviser and the judges have all marked the company and its founder Lingling Wu as a business and an individual to watch – we are looking forward to even bigger and better things from them in the months and years to come.
Case Study: EM & MJ Wealth Management
- Winner - Rising Star (Small Company)
One of the most exciting things for the judges of these awards is discovering small companies doing mighty things.
The structure of the Difas, which allows small businesses the space to compete in all categories and enter bespoke streams alongside their peers, means we are continually "discovering" how much work Britain's small companies are doing to improve DE&I in their corner of financial services.
And in this year's Rising Star (Small Company) category, the judges were blown away by the work of Jeanne Mpondo, who says she was spurred into action to help boost people's financial resilience after seeing first-hand the struggles of family members during the Covid-19 pandemic.
Mpondo says: "Over 9.5 months of perseverance, the ordeal transformed me."
Juggling a change of career with caring for a young child, she went through the St James's Place Academy for further education, graduating in the first quarter of 2023.
This scarcity fuelled our determination, realising our collective significance.
She said: "This revealed not only the intricacies of professional financial advice but also a stark gender imbalance.
"Only six women, including myself, embarked on this journey.
"This scarcity fuelled our determination, realising our collective significance not just for personal growth but as trailblazers."
Within just a year, Mpondo had set out a clear strategy to be a pioneer in the financial advisory profession.
She collaborated with organisations such as the Institute for Financial Wellbeing to create a mentorship initiative for young talent.
At the same time, she designed a six-week seminar with Mama Academy, offering financial guidance to parents coping with loss. Moreover, Mpondo sponsored this initiative, helping two women – Dora and Heidi – apply for a foundation grant, showcasing her commitment to wellness and financial support.
In order to boost the financial resilience of women in in her local community, she is collaborating with an accountant and an entrepreneur to air a podcast giving useful financial tips for business owners, and spearheading her own podcast project for millennials, called Let’s Face It.
Mpondo is also supporting the Black Female Doctors UK Award for mental health advocate, helping her to influence the organisation by championing ideas of representation beyond specific demographics.
She says: "In the future, I aim for chartered status after passing the AF5 exam last winter to enhance my client servicing skills".
If one person can do all this and more within one year of becoming a financial adviser, just imagine what Mpondo can do after five and 10 years.
Hands down, her submission blew the judges away and we look forward to seeing what she does next.
Case Study: Legal & General Investment Management
- Winner: Championing Social Mobility
- Winner: Deon Pillay, for Diversity Champion of the Year (Large Company)
- Highly Commended: Championing Mental Health and Neurodiversity Inclusion
- Highly Commended: Diversity & Inclusion Initiative of the Year (Large Company)
Legal & General Investment Management is no stranger to the FT Adviser Diversity in Finance Awards.
Over the years, the company has fielded submissions – often winning ones – across various categories, and has always impressed the judges by its ability to grow and develop and do even more, every year, rather than resting on its laurels.
This year was no exception. Judges were impressed with the work of the company across various categories, particularly noting the detailed, strategic approach the various teams took when implementing their new DE&I campaigns and initiatives.
His personal journey has served as an inspiration to many, and his dedication to coaching and mentoring marginalised individuals has had a profound impact
Speaking to its work in neurodiversity inclusion and its focused initiatives over the past year, L&G said its Neurodiversity Network, established in 2021, has seen significant growth.
It has gone from six to more than 300 members, becoming "a beacon of inclusion and empowerment for neurodiverse employees and allies".
The network has been pivotal in advancing diversity and inclusion at L&G, actively dismantling barriers and transforming the workplace culture into one that is more inclusive and equitable.
In 2023, the network launched a work experience programme, welcoming 16 young neurodiverse students for a week-long event. The programme led to the extension of the L&G Group Technology Apprenticeship recruitment closing date, allowing the first cohort to apply for apprenticeships on offer. This resulted in one student joining L&G Group Technology as an apprentice.
Individual Champion (Large Firm) category winner Deon Pillay has been a key figure in these efforts.
With regard to him, LGIM said Pillay has been "making significant strides in uplifting ethnic minorities, advocating for LGBT rights, championing neurodiversity and gender equality, and raising funds for charitable causes.
"His personal journey has served as an inspiration to many, and his dedication to coaching and mentoring marginalised individuals has had a profound impact."
His volunteer work on the Boards for Pride Wide and Outspoken Speakers, the diversity projects LGBT strand, and his work within InterInvest, have also played a vital role in supporting 40 asset managers through free resources, events and industry roundtables.
The breadth of the work he has been doing and the way in which he has grasped the intersectionalities across different elements of DE&I impressed the judges deeply this year, earning him the winning accolade in 2024.
Meanwhile, the company's socio-economic mobility staff group, which comprises more than 100 members, created a strategy to encourage applicants from less affluent backgrounds to explore career opportunities with the company through our internships and recruitment campaigns.
Over the year, among other things, the SEM group:
- developed a framework to deliver and measure the social impact of its investment portfolio;
- focused on SEM issues, demonstrated by being ranked in the SEM top 75 Index;
- attracted top talent, as social purpose plays a key role in employment decisions;
- sponsored Kingston University’s ‘Care Leaver Bursary’; and
- partnered with charities such as Urban Synergy to provide mentoring to 65 young people from less affluent backgrounds.
Overall, as the company submission stated, Legal & General demonstrated its "strong social purpose", leading the Judges to award it as the Social Mobility Champion of 2024.
Case Study: Virgin Money
Highly Commended: Championing Women's Equality
The gender pay gap, and the consequent gender pension and protection gaps, are well documented.
But Virgin Money has taken new approaches to tackling these well-known problems within its company and for its clients.
One of the stand-out elements of its 2024 submission was Virgin Money's commitment to support women and parents in the workplace, by implementing a strategy that centred on flexibility.
In its submission, Virgin Money said: "For our female colleagues, the focus on flexibility has meant that we have seen an increase in those part-time workers taking up full-time employment since its launch because of the positive impact it has had on promoting work-life balance. 
"We have experienced a positive impact on improving colleague health and wellbeing. Absences have reduced by a fifth since the introduction of our fully flexible working model."
In addition, 88 per cent of colleagues have told the company that "A Life More Virgin" enables them to balance their work goals with other priorities.
This was a crucial step to address society’s expectations that childcare should sit with women.
From a policy perspective, the company also took the decision to make equal parental leave a day-one right.
As well as promoting the bank as a suitable location for anyone to start a family, Virgin Money felt this was a crucial step to address society’s expectations that childcare should sit with women. Since its introduction, the number of men taking up parental leave has increased four-fold.
But it is in closing that gender diversity gap that Virgin Money sealed the deal over the past year.
Having reached 52 per cent female representation within the top three levels of the organisation, Virgin Money achieved its gender balance target, to be at 45-55 per cent by September 2023.
Virgin Money now has one of the highest ratios of females sat at the top table of any UK retail bank, with a 57:43 female to male split across the leadership team.
In addition, the board is 37.5 per cent female, and as a result has been named this year in the FTSE 250 Women Leaders Review as top performer across its sector and third overall.
The company has also been named in the Women in Finance Charter this year for widening its talent pipelines deeper within the organisation and its allyship framework, which is called BRAVER.
Congratulations once again to all our winners!
Meet the Judges
Who was on this year's DIFA judging team?
Meet the DIFA 2023 judges
CPD: Six ways to build a diversity strategy in your business
Click on the link above to read a CPD feature from FT Adviser on how to create tailored diversity strategies for your business
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