Insurance market Lloyd’s of London has launched a consultation aimed at overhauling its framework for dealing with financial and non-financial misconduct.
In focus is Lloyd’s handling of dishonesty, harassment, discrimination and business misconduct.
Lloyd’s, which acts as a marketplace for the City of London’s largest insurers including Beazley and Hiscox admitted that its guidelines are unclear.
“Our current processes for dealing with issues of poor conduct can be unclear and may cut across firms’ own intervention processes. There also needs to be greater certainty as to potential outcomes,” said Lloyd’s.
The marketplace has found itself at the centre of numerous controversies in the past.
In March 2022, Lloyd’s issued its largest ever fine of £1 million to Atrium after the managing agent admitted to three charges of non-financial misconduct, including bullying and sexual harassment.
“Everyone in the Lloyd’s market and Corporation should expect to work in a culture where they feel safe, valued, and respected and if they see unacceptable behaviours, to speak up with confidence, in the knowledge that action will be taken,” Lloyd’s boss John Neal said at the time.
Lloyd’s is taking consultation responses until 16 December.