The gender pay gap in the financial sector is more than twice the national average.

Despite equal number of men and women working in finance, a report by the Equality and Human Rights Commission found there are pay gaps of up to 60 percent.

Women working full time in fund management, stock broking and future trading earn 60 percent less than men and, among the highest earners, the pay gap for full time hourly gross earnings is 45 percent.

Women in the lowest paid roles are paid 16 percent less in hourly gross than their male colleagues.

The report also points to a 79 percent gender pay gap for annual incentive pay for full-time workers in finance and reveals 70 percent of men in the sector earned more than £29,400 in 2007/8, while 70 percent of women earned less than £29,500.

The gaps in incentive pay and the general pay gaps point the extent to which women hold lower status, lower pay jobs in finance - even though there are equal numbers of men and women in the sector as a whole. Only 28 percent of those working in professional occupations and 11 percent of senior managers are women.

The report is being published as the first stage of the Commission's Inquiry into pay rates in the finance sector.

Trevor Phillips, Chair of the Commission said: “'The figures we’re releasing today are shocking and indicate just how serious the pay gap has become in the financial sector, with women concentrated in lower paid, lower skilled roles and few able to make it to the top. The truth is that however you look at the numbers, women do not have equal status or equal rewards.

“Nobody wants this kind of unfairness, including the businesses themselves. We are losing or not taking advantage of talented women from a crucial industry – something we can ill afford in these troubled times.”

He added: “In an economic recession, some may be tempted to take their foot off the gas when it comes to tackling inequality, asking if we can afford it. But the truth is, at a time when the City's reputation is under attack, a renewed commitment to fairness and tackling the decades old inequality faced by women, particularly in this sector, should be at the heart of efforts to restore business reputation.“

Mr Phillips said a Commission enquiry would find out the facts behind the figures to tackle the issue and the body would be calling on the Government to address the gender pay gap in the Equality Bill.