Lloyd’s of London clamps down on unacceptable behaviour

Lloyd’s of London is planning to overhaul its rules over poor conduct due to its current processes for dealing with bad behaviour potentially being “unclear”.

The marketplace said it was proposing to implement changes to “modernise and streamline” its approach and provide “greater clarity” over what it considers misconduct.

“Our current processes for dealing with issues of poor conduct can be unclear and may cut across firms’ own intervention processes,” it added.

“There also needs to be greater certainty as to potential outcomes.”

Among plans for its new framework include better alignment with firms’ own internal HR and disciplinary processes.

Lloyd’s said this would “support firms’ ability to investigate their own employees and to address issues themselves”.

At the same time, Lloyd’s also wants to improve its own internal decision-making processes should it need to intervene.

“[This is] so that decisions can be made in a more timely and consistent manner, whilst also preserving necessary procedural safeguards,” it said.

Survey findings

This comes after Lloyd’s culture survey of 6,000 respondents in 2019 revealed the extent to which sexual harassment has been witnessed in the marketplace.

The survey found that 500 people in the market had witnessed sexual harassment.

Meanwhile, some 40% of survey respondents felt under excessive pressure to perform at work, whilst 24% had observed excessive consumption of alcohol.

In its latest consultation, Lloyd’s said that it “expects those that operate in the Lloyd’s market, and those who use our name and brand, to maintain and demonstrate the right behaviours to support a well functioning, trustworthy, safe and inclusive market”.

Lloyd’s is seeking feedback on its proposals by 16 December 2024.