LGBT+ History Month: how the past shapes current-day inclusion at work

Progress in the broader world has directly shaped how our sector approaches equality, demonstrating that meaningful inclusion requires both structural change and industry leadership.

Looking back to 1957, the Wolfenden Committee recommended that “homosexual behaviour between consenting adults in private should no longer be a criminal offence,” – but the recommendations were rejected by the government. This early tension between evidence and political action illustrates a theme that still echoes in business today: laws matter, but culture and leadership matter too.

By the late 1960s and early 1970s, grassroots activism raised visibility and challenged norms. The Gay Liberation Front, formed in 1970 in the UK, and the first London Pride in 1972 mobilised communities and raised the profile of the need for equality to bring in more visibility – and these movements laid foundations that would eventually influence workplace rights. As early as 1977, lesbian and gay workers were discussing rights at the Trades Union Congress, signalling that employment equality had become central to the broader struggle for social justice.

Find out more about the Pride in Finance Alliance here

During the 1980s and 1990s, political bodies like the TUC and Labour Party adopted lesbian and gay equal rights policies, while landmark legal cases (such as P v S and Cornwall County Council in 1996) established key protections against discrimination, including for trans workers. Two key moments in LGBTQ+ history in England took place in 2003: firstly, Section 28 (which prohibited the ‘promotion of homosexuality’ by local authorities) was repealed in England and Wales (it had been repealed three years earlier in Scotland). And, in December 2003 (from 2007 in Northern Ireland), sexual orientation became protected in UK employment law with the introduction of the Employment Equality (Sexual Orientation) Regulations. These milestones created legal guardrails which employers, including those in financial services, would later build on. 

But what about the financial services industry itself? In the wake of legal reform, the industry has begun creating its own internal mechanisms to advance inclusion. For example, in 2002, the InterBank LGBT+ Forum was established as a collaborative network of LGBT+ employee groups from major banks and financial firms, offering a space to share best practice and support inclusive workplaces across the sector.  

And many UK banks now have active LGBTQ+ employee networks that contribute to culture and policy. For example:

• Lloyds Banking Group provides dedicated training and support programmes for LGBTQ+ colleagues, including tailored HR support and an employee assistance service.  
• HSBC UK hosts Employee Resource Groups to bring colleagues together for mutual support, awareness-raising and inclusion initiatives.  
• Virgin Money UK works with Stonewall to improve understanding and continuously refresh policies so LGBTQ+ colleagues can bring their whole selves to work.  
• Barclays’ Spectrum network has been a visible driver of culture change, with staff taking leading roles in promoting inclusive workplaces and broader societal narratives.  

And these are only the household names: many other businesses, including those in the mortgage space, have developed their own initiatives, policies and support networks designed to improve inclusion for LGBTQ+ colleagues and customers.

As we observe LGBT+ History Month, it’s important to recognise both the legacy of societal change and the active role our industry plays in embodying and extending those gains. The Pride in Finance Alliance Industry Review we undertook last year shows that just 48% of managers had been given training on inclusivity and that 38% of LGBTQ+ respondents had experienced microaggressions relating to their identity at work, highlighting that while legal protections are crucial, inclusion still requires intentional and sustained action at a company level for it to be felt across the board. 

Looking back at history and comparing it to the current status quo is a reminder that progress requires active participation. As one respondent noted during our review – a sentiment echoed by many others taking part -  “Support exists, but often feels performative.”

For financial services, the challenge now is to translate awareness and good intention into lasting workplace change - and not just in February, but every day of the year.