The annual review aims to be a significant step in providing a measurable framework for understanding progress in diversity, equity, and inclusion for LGBTQ+ people within the industry.
The findings highlight both clear progress and ongoing challenges. More than one in five respondents, 22.55%, identified as LGBTQ+, a figure well above the national average and one that provides valuable insight into the lived experiences of professionals in the sector. Encouragingly, 67% of LGBTQ+ professionals reported that they had not experienced direct discrimination at work, reflecting improvements in creating more inclusive workplaces. However, the report also reveals that 38% of LGBTQ+ respondents continue to encounter microaggressions — subtle behaviours that can undermine confidence and contribute to a culture of exclusion.
The findings reveal both progress and gaps in workplace LGBTQ+ support. While many employees report strong allyship and openness with colleagues and managers, formal structures and policies often lag behind, leaving support inconsistent or symbolic rather than sustained. Managers play a crucial role in shaping culture, but limited inclusivity training exposes a gap between intention and action. Respondents welcomed visible gestures like Pride celebrations, yet emphasized the need for deeper structural change, such as clear policies, equitable benefits, visible role models, and stronger accountability, to ensure meaningful inclusion.
Looking forward, PIFA has outlined its commitment to building on these findings by encouraging firms to adopt the PIFA Charter, expanding membership across the industry, launching an industry-wide PIFA Forum both online and in-person, delivering a digital platform for sharing best practice, and providing PIFA Ambassadors for one-to-one support.
The PIFA Industry Review 2025 is available to read at www.prideinfinancealliance.co.uk.
In his opening remarks in the report, Will Lloyd-Hayward, joint project lead at PIFA, said:
"I believe that the industry has made huge progress over recent years to become a more welcoming sector to all people. As I reflect on when I joined the industry and how I felt, it’s clear that the same insecurities of not knowing how you fit in, where and who the people are who are like me that I can see as role models, which people I could talk to all remain a challenge and so I feel that we need to continue to build on that. Progress never stops!"
"We need more allies, more people willing to share the burden of calling out homophobic behaviour and language, and more people standing up against any form of racism, sexism or discrimination. It means so much to see it happen and know that you are supported - and so we need to build and maintain our growing range of diverse networks and industry alliances."
Amy Loddington, joint project lead at PIFA, added: “This review is just the beginning. It gives us a clear picture of where we are, but the real work lies in turning insight into action, and but lasting inclusion will come from changing the everyday policies, decisions and behaviours that shape people’s experiences in the workplace. We’re excited to use these findings as a springboard for meaningful change, together with the firms and individuals who want to build a truly inclusive industry.”
