Ms Blanc will drive efforts to boost gender diversity across the UK financial services sector.

Her appointment comes as a review today found that 30% of firms had missed targets last year due to the pandemic.

Signatories to the charter pledge to help women achieve senior roles in financial services firms and set targets for gender diversity.

After five years in the role, Dame Jayne-Anne Gadhia is stepping down but will continue to support and promote the Charter as an adviser. 

There are now over 400 signatories to the Charter covering 950,000 employees across the financial services sector.

The new appointment comes as the fourth annual Women in Finance Charter review found that over 70% of signatories met their targets or were on track although 30% struggled to hit their objectives in 2020.

Amanda Blanc, CEO of Aviva, said: “This is a huge honour but also a huge responsibility. Ensuring women have as many opportunities as men in financial services is critical. It’s critical for women. It’s critical to the future of UK financial services. And a successful, inclusive, financial services industry is critical to a revitalised UK economy.

“There are still far too many barriers blocking women’s progress in financial services. We’ve got to work quicker and harder. Now is the time for less talk, more action.”

Dame Jayne-Anne Gadhia, Women in Finance Charter Advisor, said: “Five years on, I am proud that the Charter is making a positive difference, but we know that this is just the beginning. Firms must continue to treat gender diversity as a business task and focus on building an inclusive culture, particularly as we enter a new normal post-pandemic. I am certain that Amanda will bring fresh ideas and energy to this important task and I wish her well. 

John Glen, Economic Secretary to the Treasury, said: “The Women in Finance Charter isn’t a box ticking exercise - it requires real change to help talented women to reach their potential and drive forward one of our most important and innovative sectors. The last year presented a unique set of challenges and there is still much more to do, so firms must not take their foot off the gas.

“I want to thank Dame Jayne-Anne for inspiring the Charter and encouraging firms representing nearly 1 million employees to sign up the past five years. I am delighted that Amanda Blanc will now take up the reins and boost our gender diversity agenda in the coming years.”

The Treasury admitted 2020 was a testing year for the Charter with over 81 signatories due to meet their targets during the Covid-19 pandemic. Of these, 72 firms either achieved their targets or came close - within five percentage points or 10 female appointments – with near misses attributed to ambitious targets or Covid-related promotion and recruitment freezes.

Among those to miss their target was the FCA.