Only a third of UK financial services firms have seen an increase in the number of female applicants despite targeted recruitment campaigns.

According to research from professional services firm PwC, more than one in ten financial services firms has a diversity and inclusion strategy, while 76% are actively trying to attract women. However, despite the activity, only 36% of firms saw a rise in women applying for roles.

Jon Terry, PwC global consulting leader for HR in financial services, said: “Diversity and inclusion have become key reputational issues.

“To manage these risks, businesses can start by gauging how their organisation is perceived on diversity and inclusion and what risks and opportunities these perceptions open up. Even if the organisation is behind the curve on diversity and inclusion now, they may want to consider opportunities to get in the front foot by acknowledging that there is more they want to do and setting out plans for accelerating progress.

“Such openness and resolve can make a favourable impression with current and potential employees and amongst other stakeholders.”

PwC surveyed 276 employees working for various organisations across the financial services industry, and employer representatives from 55 different financial services organisations.