Baroness Helena Morrissey has urged the City watchdog to tighten its guidance around non-financial misconduct to remove “bad apples” from the system and stamp out sexism in the City.

Responding to a Treasury Committee inquiry to examine the barriers faced by women in financial services, on behalf of the Diversity Project, which she chairs, Morrissey said: “Sexism in the City is a problem that persists, even after countless initiatives, reports, discussion papers and charters”.