Wealth managers, professional associations, regulators, investment and protection providers have signed up to the Business in the Community’s Race at Work Charter.

The charter is part of an industry-wide commitment to improving opportunities for black, asian and ethnic minority colleagues.

Wealth management giants St James’s Place and Brewin Dolphin are among the firms to have signed the charter so far.

Providers, regulators and associations that have signed the charter include Just Group, The Pension Protection Fund, Allianz, Aon, Axa, Royal London, Invesco, Schroders, Legal & General, Standard Life Aberdeen, LV=, M&G, The Investment Association, The Financial Conduct Authority, The Financial Services Compensation Scheme and The Financial Ombudsman Service.

The charter consists of five principles to ensure organisations address barriers to recruitment and progression.

Organisations that sign up also commit to appointing an executive sponsor for race, capturing data and publicising progress, ensuring zero tolerance of harassment, making equality in the workplace the responsibility of all leaders and taking action that supports ethnic minority career progression.

The ABI has also launched a new internal inclusion strategy and gender diversity policy. It has committed to a 50/50 female to male split across its senior management by 31 December 2022 and using a 'blind' recruitment process.

Huw Evans, ABI director-general, said: “Making our industry more representative of the customers we serve is vital, but we also need to focus on how we retain and develop talent and create the kind of inclusive environment that people want to be part of. Whilst we’ve made progress as an industry on issues like gender equality, we know overall that progress is too slow. It’s time to step up our efforts and it’s fantastic to see how many of our members have committed to taking action.”

Yvonne Braun, ABI director of long-term savings, policy and protection and executive sponsor, said: “The Black Lives Matter movement has brought home to us all the need for urgent change to deliver greater equality of opportunities. Our sector has an important role to play in fostering diversity and inclusion in business, and we’re proud to commit to the Race at Work charter, alongside 32 of our members, as well as strengthening our own internal commitments to support inclusion at all levels of the ABI.”