Progress Together has launched a pioneering new cross-firm initiative designed to tackle one of financial services' most persistent talent challenges: the slower progression of high-performing employees from lower socio-economic backgrounds into senior leadership.
Launching on Social Mobility Day, the Accelerated Progress Programme (APP) is the first programme of its kind in UK financial services to bring together participants, mentors and senior sponsors from multiple organisations within a single progression ecosystem.
The launch follows new research from Progress Together revealing that employees from lower socio-economic backgrounds take, on average, 16% longer to progress from middle to senior roles than colleagues from higher socio-economic backgrounds - equivalent to almost two years.
Drawing on workforce data from more than 210,000 employees across 40 financial services firms, the research also found that in client-facing roles the progression gap rises to 39%, or more than three years. At the same time, representation from lower socio-economic backgrounds falls sharply as seniority increases. While around one-third of junior employees come from lower socio-economic backgrounds, this drops to just 26% at senior leadership level. The findings raise important questions about how leadership talent is identified, supported and progressed across the sector.
As financial services firms face increasing pressure to drive growth, improve productivity and strengthen future workforce capability, Progress Together says organisations can no longer afford to overlook talented people already within their businesses.
APP has been designed as a practical response to this challenge. Developed by Progress Together and delivered by Illume Executive Consulting, the programme recognises that progression is shaped by more than capability alone. While many organisations invest heavily in leadership development, far fewer focus on the systems and relationships that influence who is seen, supported and ultimately progresses into senior leadership.
The programme combines three critical drivers of progression within a single framework:
- Participants, building leadership readiness, confidence and influence
- Mentors, providing challenge, guidance and practical insight
- Sponsors, creating visibility, advocacy and access to opportunity
Sponsorship remains one of the most powerful – and often least intentional – mechanisms shaping leadership pipelines. APP has been designed to strengthen both individual leadership capability and the progression systems that help talent advance.
What makes APP unique is its cross-firm design. Participants will learn alongside peers from across UK financial services while receiving support from mentors and sponsors drawn from Progress Together's membership community. This creates opportunities for challenge, collaboration and relationship-building that extend beyond organisational boundaries and cannot easily be replicated by any single organisation acting alone.
As the membership body representing more than 60 firms and over a third of the UK financial services workforce, Progress Together is uniquely positioned to convene this collective effort.
Sophie Hulm, Chief Executive Officer of Progress Together, said:
"Our research has consistently shown that talented people from lower socio-economic backgrounds take longer to reach senior leadership in financial services. That's not just frustrating for individuals. It means firms are missing out on talent they already have.
We've spent years helping organisations understand the challenge through data and insight. APP is about taking the next step and doing something practical about it. What excites me most is that this isn't a programme built by one organisation for one organisation. It's firms coming together to invest in talent collectively, sharing experience, opening networks and creating opportunities that might not otherwise exist. There is leadership potential in every organisation and every background. The question is whether we're creating the conditions for that talent to thrive. That's what APP is designed to do."
Lynn McManus, Chief People Officer at Nationwide, said: “The Accelerated Progress Programme is about unlocking potential and widening access to opportunity. We’re proud to support the programme as it aligns with our commitment to creating an inclusive financial services sector”.
Joanna Lindley, Director of Memberships and Programmes at Progress Together, said:
"Leadership potential exists across every background, but progression opportunities are not always experienced equally. APP has been designed around three critical drivers of progression: talented individuals, meaningful mentoring and effective sponsorship. Each plays an important role in helping people build confidence, gain visibility and access opportunities that accelerate progression.
What makes APP particularly powerful is its cross-firm design. By bringing together participants, mentors and sponsors from across the financial services sector, we are creating something no single organisation could deliver alone. APP represents a new model for leadership progression and an exciting opportunity to strengthen leadership pipelines across the sector."
The 2026 cohort will be open exclusively to Progress Together member firms. To register your interest, visit https://www.progresstogether.co.uk/accelerated-progress-programme/
