Members of the bipartisan Treasury committee were taken aback and concerned upon learning about the extent of bullying and sexual harassment faced by women in the City of London. This indicates that there has been no progress in the past two decades.
Angela Eagle, a Labour MP and member of the committee, expressed that the private hearings conducted for the committee’s investigation into sexism in the financial services sector have brought to light major concerns regarding the treatment of women in this industry in the UK.
According to Eagle, women who voiced their concerns often faced career repercussions, while the offender could potentially be transferred to a different department or company without any measures in place to stop their harmful actions from continuing.
During the questioning of Financial Conduct Authority (FCA) executives on Tuesday, she discussed matters of sexual assault, sexual harassment, and subsequent bullying.
The committee collected a significant amount of evidence in private to safeguard women in financial institutions from potential repercussions for speaking openly about workplace misconduct, according to the statement made by the Labour MP.
During the roundtable discussions, it became evident that there has been no progress in addressing the numerous issues faced by female employees in the City over the past two decades. This was a shocking and concerning revelation for those of us who participated. The evidence presented showed that the situation remains dire and, in some cases, even worse.
Nikhil Rathi, the CEO of the FCA, expressed concern about the reports and emphasized the importance of creating a safe environment for women in the UK financial services industry.
He stated, “We have made it known that we view non-financial misconduct as important in evaluating fitness and propriety, as well as in our decisions regarding the governance and culture of companies.”
Although Rathi acknowledged that the FCA is highly proactive compared to other major regulators, he also noted that current safeguards may not be adequate.
He stated that the regulator had submitted suggestions to clarify their standards for non-financial misconduct. These guidelines should offer more precise guidance to companies and may be put to the test in legal proceedings.
Ignore the newsletter advertisement.
after newsletter promotion
The issues may resurface on Wednesday as Amanda Blanc, Aviva’s first female CEO, is scheduled to testify in the investigation.
The Treasury committee is investigating allegations of sexual misconduct made against Crispin Odey, a wealthy donor for Brexit and leader in the City. As a result, Odey’s hedge fund worth £3.5 billion has been shut down. Odey has refuted the accusations and maintains his innocence.
On Tuesday, Rathi stated that the investigation into Odey Asset Management has been concluded, but the investigation into Odey personally is still ongoing.
Source: theguardian.com
