International Women’s Day 2024 Interview with Prina Patel and Simon Campbell

In celebration of International Women’s Day on 8th March 2024, CMC Connect asked two of our senior managers for a ‘state of the nation’ update when it came to inclusivity in the workplace in 2024, how this is evolving and what can be done to keep equality at the top of the agenda, regardless of the economic or political backdrop. Prina Patel, our Head of Legal and a long established advocate of DE&I in the workplace, along with Simon Campbell, Group Head of Trading and a key proponent of male allyship shared their thoughts.

Why is International Women’s Day important to you?

Prina Patel - IWD is important in two respects. Firstly, it’s an opportunity to celebrate the success of women in many fields and how far women’s rights and gender equality have progressed since the day was first conceived back in the early 1900s. However – and equally important - it also serves as a reminder in terms of how far we still have to go. The progress that has been made varies dramatically by country and sector, and women still remain underrepresented in most spheres of life, including where decisions are being made directly impact them. The extent of that inequality is the subject of many studies, for example, a World Bank report published last year highlighted that only 14 countries have laws that give women the same rights as men. IWD offers a great platform to raise awareness of what still needs to be done.

What can companies do to forge a more inclusive workplace for women?

PP - It’s worth bearing in mind that this can be a daunting task to many and that it requires sustained effort. There’s no one size fits all approach; what works for one workplace may not work for others. It’s important to take stock, identify the gaps, and then put in place measures to address these gaps.

A study by McKinsey in 2021 identified the broad factors that contribute to creating a truly inclusive workplace emphasising the importance of interpersonal relationships. The study concluded that whilst putting in place organisation systems designed to create and support an environment free from discrimination is important and is now expected as the bare minimum, the behaviour exhibited by leaders and colleagues has more of an impact on whether a workplace is considered truly inclusive. For example, are leaders behaving in an inclusive manner through mentorship, impartial treatment, team building etc and are peers reflecting these inclusive values through male allyship, empowerment, mutual support and respect for one another?

Finally, it’s imperative for a workplace to establish & consistently communicate a clear business case for how a more inclusive culture will benefit and align with the overall business strategy.

The economic cycle has impacted DEI teams across the fintech industry in recent months. What can companies do to ensure they keep this topic on the agenda?

PP - In a challenging economic environment, companies can revisit their objectives to ensure they can be realistically achieved or assess whether a reset is required. Tighter budgets mean it’s important to focus on initiatives that deliver the biggest impact, whilst bearing in mind that this is likely to differ from one company to the next. Whether that’s something formal like training or hosting a more casual event to foster interpersonal relationships, right-sized options are always out there provided they are delivered with authenticity.

What will drive workplace dynamics in the coming years and are you optimistic about the role that women will play in the fintech sector of the future?

PP - There’s a combination of factors that will drive change.

Generally, many workplaces already recognise that prioritising the creation and promotion of a representative & inclusive environment is paramount to attracting and retaining the best talent – not only female talent but men too.

The FCA and PRA’s recent consultation and proposals for a reporting framework are founded upon the regulators’ principles that increased D&I can deliver better internal governance, decision making and risk management, as well helping to boost the UK’s competitiveness in a global landscape, and improve outcomes for markets and consumers. This regulatory focus will subject regulated firms to scrutiny and challenge firms to identify and address its own issues.

Additionally, from a business perspective there’s always a demand to support or tap into the underserved segments of the market. It’s widely recognised that there is a gender investing gap and having a representative workforce addressing this need is commercially astute. As I’ve already said, there’s still plenty of work to be done, but we also have cause to be optimistic.

Prina is the UK Head of Legal at CMC Markets UK plc, having worked for the business since 2021. Prior to joining CMC, Prina worked as a Dispute Resolution lawyer in London for the US law firm Cooley after completing her Legal Practice Course in 2010. She also studied BA politics and Eastern European Studies from 2004-2008 at UCL.

What is the impact of male allies in supporting gender balance in business?

Simon Campbell - I think it’s important to earn trust across the whole team by clearly demonstrating that the women have just as much opportunity to succeed as the men. A good gender balance promotes diversity of thought and ideas, as long as everyone feels they have a voice.

On an individual level, what can male allies do on a daily basis to elevate the voices of people in the margins?

SC - In meetings and other types of group discussion, managers can actively invite the input from those who are potentially overshadowed by the louder talkers. Many people have great things to add, but some find it difficult to step into the conversation.

What are the main reasons there is currently a low percentage of male allies and how can businesses improve? What needs to be done to inspire male advocates?

SC - I think a lot of men still don’t understand what it means to be a male ally and/or don’t know how they can positively contribute. There’s a spectrum to male allyship: from the more overt support of your female colleagues to simply a better general awareness of what all men can do to avoid the ‘boys club’ mentality. It’s important that men understand the variety of ways they could play a part.

What can the fintech industry do to ensure inclusion, diversity and equity in the workplace?

SC - I think the DEI issue in FinTech is still primarily related to the root cause of females not feeling inspired to pursue a career in technology while they’re in school and considering their future. I’m simply not getting the female candidates through the door when I open new tech roles. There can also be various barriers facing girls when they're considering STEM subjects during the later years of their education. For example, there's a lack of female role models at the very top of the FinTech sector, there can often be a confidence gap where girls underestimate their abilities in maths and computer science even though their performance doesn't actually lag behind, and of course there's a lingering societal and peer pressure to conform to traditional gender roles. While the role model issue is difficult to tackle, other issues can be helped via encouragement from teachers, parents and mentors to kindle an interest in a further education and future career in STEM-related fields.

Simon joined CMC Markets in 2006 and has been in his current position as Group Head of Trading since 2018. He is responsible for the global quantitative trading teams in London, Frankfurt and Sydney, which also includes quantitative analysis and front office developers. He holds a BSc in Mathematics from the University of Durham, United Kingdom.