The Lloyd’s market has announced a plan to create a safe and inclusive working environment

lloyds building

Lloyd’s of London has responded to allegations of sexual harassment and bullying within and around the re/insurance market.

Lloyd’s announced an action plan, including pledging to name and shame culprits.

Anonymous reports of inappropriate conduct featured in a recent article by Bloomberg Businessweek.

The action plan has been developed in collaboration between Lloyd’s Board and Council, and by the associations representing the Lloyd’s market – Lloyd’s Market Association (LMA), and the London & International Insurance Brokers Association (LIIBA).

“It has been distressing to hear about the experiences of women in the Lloyd’s market,” said Lloyd’s CEO, John Neal.

“No one should be subjected to this sort of behaviour, and if it does happen, everyone has the right to be heard and for those responsible to be held to account.”

The Lloyd’s action plan includes:

  • Provision of an independently managed, confidential and market-wide access point for reporting inappropriate behaviour;
  • Confirmation that, where investigations conclude that individuals have a case to answer, they will be subject to sanctions from their own companies and also from Lloyd’s. They may be banned from entering Lloyd’s for a fixed period and potentially for life;
  • Undertaking an independent and market-wide culture survey to identify the scale and scope of the issue, and to inform further action;
  • A comprehensive review of policies and practices across the Lloyd’s market, with a view to identifying and sharing best practice;
  • Provision of training focused on prevention, as well as reporting and supporting those who have been subjected to inappropriate behaviour.

Lloyd’s confirmed a commitment to hear the accounts of the women who contributed to the article published by Bloomberg, in a safe and confidential space.

The re/insurance market also announced changes to its Lloyd’s Nominations Committee to increase diversity.

Fiona Luck, representing Lloyd’s Board, and Vicky Carter, representing Lloyd’s Council, will join the Committee with immediate effect, succeeding Sir David Manning and Charles Franks.

“I am pleased that the market has given its full support for a strong set of actions, and I am determined that Lloyd’s offers a safe and inclusive working environment for everyone,” Neal added.