LONDON - The Bank of England has stepped up its monitoring of Lloyd’s of London’s SOLYD.UL whistleblowing systems, the central bank said on Monday, after reports this year about sexual harassment and bullying at the 330-year old insurance market.
The Prudential Regulation Authority said the insurance market had agreed to extra checks after informing the regulator its processes had been ineffective. Lloyd’s has voluntarily agreed to additional requirements, including enhanced reporting of whistleblowing cases and training requirements for senior staff, the PRA said.
Lloyd’s has tried to improve standards of behaviour in the market this year, including introducing life bans from its building and a bullying and harassment hotline.
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