London insurance firm fined £1 million over bullying, sexual harassment
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On April 27, 2016, the interior of Lloyd’s of London (the centuries-old London insurance market) is shown in central London.
AFP | AFP | Getty Images
LONDON — Lloyd’s of London, the U.K. insurance giant, has hit one of its member firms with a record £1.05 million ($1.38 million) fine for misconduct, which included allowing an annual inappropriate “boy’s night out” for a number of years.
Lloyd’s stated in a notice of censureWednesday’s publication revealed that Atrium Underwriters, a syndicate member, had admitted three counts of “detrimental behavior.”
The charges included “sanctioning” and “tolerating for a long period up to 2018 an annual Boys’ Night Out, during which male staff members (including two executives at the top of their respective leadership positions) committed unprofessional and inappropriate behavior.
These included inappropriate comments and sexualized remarks about female coworkers, excessive drinking, and initiation games.
“No sufficient steps were taken.”
Atrium was also charged by Lloyd’s because Atrium failed to tell the insurer the facts about misconduct committed by one of its employees, who is identified in the document under the name “Employee B.”
The notice also stated that employee A was aware of Atrium’s misconduct, but no appropriate steps were taken.
Lloyd’s stated that “Employee A’s behavior included a systematic campaign against a junior worker over a number years.” He also said that Atrium did not protect the minor employee once it was aware of the bullying.
Lloyd’s claimed that Atrium didn’t acknowledge or challenge Employee B’s conduct, due in part to the need of top managers to shield Atrium against bad publicity.
Atrium was instructed to not speak of the investigation or allegations into Employee A.
The notice said that because Atrium had settled these proceedings at the “earliest opportunity,” Lloyd’s Enforcement Board accepted a 30% discount on the fine, which otherwise would have been £1.5 million. Lloyd’s stated in an a separate statementThis was the third-largest ever penalty imposed during its 336 year history.
In addition to the fine, Atrium agreed to pay Lloyd’s £562,713.50 in costs.
John Neal, Lloyd’s CEO, stated that the company was deeply disappointed in the behavior highlighted by the case. He also said, “I want to make it clear that there is no place for discrimination, harassment, or bullying at Lloyd’s.”
Lloyd’s employees must expect “to work in an environment where they feel secure, valued, respected, and appreciated.”
The following are some examples independent survey of workers within the “Lloyd’s market,”Published September 2019. It found that 8 percent of respondents had experienced sexual harassment in the past 12 months, while only 45% reported feeling comfortable expressing their concern.
Lloyd’s requested the survey in response to reports of harassment of women within their business. This survey revealed that 22 percent of the respondents have witnessed people in their company turn a blindeye to unacceptable behavior.
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