Lloyd’s: Sexist traders could face life bans

LLOYD’S of London has threatened to give sexist traders lifetime bans following an outcry over harassment.

The City insurance institution said staff who abuse women could be barred as part of disciplinary action under measures announced last night.

It said anyone found to have behaved inappropriately after an investigation could be banned for a set period or for life, majorly affecting their earnings.

The 333-year-old organisation has also pledged to create a confidential method for reporting sexism and will launch a survey to understand its culture better and the extent of the problem.

The reforms come as Lloyd’s fights to restore its reputation following a devastating investigation last week which revealed widespread malpractice.

One female employee alleged to Bloomberg Businessweek that she was assaulted by her boss in a pub but was persuaded to stay quiet by her employer. And another woman said she was grabbed by a manager in a taxi and then bullied after she complained. Lloyd’s traders are also accused of referring to female staff as ‘totty’ and rating them on ‘shagability’.

Chief executive John Neal said: ‘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. I am pleased that the market has given its full support for a strong set of actions.’

However, some women’s rights campaigners have warned the changes do not go far enough. Sam Smethers, of the Fawcett Society, said: ‘We welcome Lloyd’s taking action but they have a toxic culture here and it needs radical transformation. Until women can see that powerful men will be held accountable for their behaviours, they simply won’t trust that the organisation has changed.’