Insurers urged to improve workplace culture

The Prudential Regulation Authority (PRA) has warned insurers that they need to improve the sector’s workplace culture following high profile reports about sexual harassment and bullying.

The Bank of England's regulator published a letter from its acting director of insurance supervision, Gareth Truran saying that the recent revelations about sexual harassment and bullying were of “deep concern” and that some firms needed to do more to improve their corporate culture and individual behaviour.

On an attempt to underline the seriousness of the issues, Truran also reminded companies that their boards were collective responsible for “articulating and maintaining” a culture where staff could safely raise issues related to inappropriate conduct in the workplace.

However, the PRA also said it was “encouraged by some of the important initiatives that are now under way within the market”.

Lloyd’s of London unveiled the results of its culture survey in September, which illustrated the extent of the issue in the market place.

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