Lloyd’s Commissions Culture Survey to Help Raise Standards of Behavior

May 13, 2019 by

Lloyd’s of London has commissioned an independent culture survey following a Bloomberg Businessweek article that uncovered evidence of sexual misconduct in the world’s oldest insurance market.

The survey is being carried out by the Banking Standards Board, a not-for-profit organization that aims to raise standards of behavior and competence in the U.K. banking sector, Lloyd’s said in an e-mailed statement.

The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.

Lloyd’s said the results of the anonymous survey, which is open to everyone with a pass to the Lloyd’s building and employees of all its managing agents, brokers and members’ agents, will be reported back to its board for discussion in June 2019. Themes will also be explored in more detail through focus groups and one-to-one meetings, Lloyd’s said.

Bloomberg’s initial report in March drew on the experiences of 18 women who spoke on the condition of anonymity. They work for some of the world’s largest insurers and insurance brokers including Aspen Insurance Holdings and Munich Re.

–With assistance from Gavin Finch.

Photo: Lloyd’s of London trading floor. (Jonathan Brady / PA via AP) UNITED KINGDOM).

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