Lloyd’s chairman Bruce Carnegie-Brown said the Corporation was not afraid to “hang” those found guilty of misconduct as it cracks down on inappropriate behaviour in the market.
In a press conference at the Monte Carlo Rendez-Vous, the chairman said Lloyd’s was not afraid to demonstrate its strength as market regulator to send a message to the wider market on its zero-tolerance stance towards misconduct.
“As a regulator of the market we have all the powers we need to deal with the issues. This may be a bit Admiral Byng-like but it may be good to find a couple of people to ‘hang’ pour encourager les autres,” Carnegie-Brown said.
Lloyd’s is due to publish the results of its culture survey later this month, which Carnegie-Brown warned would make for “sobering” reading.
“There’s a lot of work for us to do, the issues of gender imbalance, issues of fear of speaking up, issues of wellbeing in the workplace – these have all come out reasonably noisily and we have to find ways of getting after all of those things consistently and radically.”
Lloyd’s has been in fact pushing for this case for the past five years, and “it is very disappointing we haven’t made more progress on this”, the chairman added.
This progress will be “lumpy” in terms of development, and the sentiment may feel more negative before it improves as more instances of misconduct are called out, Carnegie-Brown warned.
“The calling out will be part of the healing and remedial process over time,” he said.
Ultimately, people should have a more supportive working environment but this is also about attracting and retaining the best talent, he continued.
“If this is not the place people want to come and work the industry will be poorer,” he said.