Lloyd’s services audited

Insurance giant Lloyd’s of London has agreed to have its whistleblower services audited for the next three years by the Bank of England as it attempts to clean up its battered image.

The decision comes after the business revealed earlier this year that an independent report found nearly one-in-ten workers had witnessed sexual harassment in the past 12 months.

Bosses must, each year until 2023, provide a description of all whistleblowing channels along with information on all training given to staff on whistleblowing.

They must also confirm whether any training is voluntary or compulsory, who conducted it, and how many whistleblowing reports have been received each year until 2023.

The Bank’s Prudential Regulation Authority (PRA) said: “Following the Society of Lloyd’s (Lloyd’s of London) self-identification and disclosure to the PRA that aspects of its internal whistleblowing systems and controls had been ineffective for a period of time, the PRA has concluded that these arrangements require enhanced monitoring and scrutiny.”

Officials at the PRA wrote to all insurance firms in November calling on the sector to improve its workplace cultures.

But Lloyd’s of London has been specifically highlighted yesterday, with the PRA pointing out the 333-year-old insurer’s whistleblowing channel for staff had not been operational since October 2017, after bosses told the Bank in February this year.