Super fund bosses say they have narrowed their gender pay gaps through scrutiny of remuneration and more open-minded recruitment, challenging the excuse from investment banks that there are not enough women willing to work in their highest-paid roles as “absolutely nonsense”.

The median total pay gap across the financial services industry averaged 26.1 per cent, according to data released last week, while some of the sector’s highest gaps were at investment banks such as Morgan Stanley and Barrenjoey, which paid women nearly half as much as men.