Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

MPs Demand Action on NDAs Following Bullying Inquiry in UK Financial Sector

by March 8, 2024
March 8, 2024
MPs Demand Action on NDAs Following Bullying Inquiry in UK Financial Sector

Members of Parliament are urging the implementation of new legislation to prohibit City firms from employing non-disclosure agreements (NDAs) to silence victims, following a parliamentary inquiry that uncovered a “shocking” prevalence of sexual harassment and bullying against women within the UK’s financial sector.

One of the key recommendations arising from the Treasury Committee’s Sexism in the City inquiry calls for stringent measures to address this issue, expressing concerns about the lack of advancement in promoting and safeguarding women in one of the UK’s most lucrative industries.

During the eight-month inquiry, MPs heard testimony from City executives, financial regulators, ministers, and women working across the sector. They were alarmed by the extent of sexual harassment and bullying, including serious sexual assault and rape, which persists within financial services, as well as the inadequate handling of allegations by firms.

The committee criticised the widespread misuse of NDAs, noting that they often serve to silence victims of harassment, compelling them to leave their organisations, while shielding perpetrators and enabling them to continue their careers unchecked.

Urging the government to take action, the influential cross-party committee called for the prohibition of NDAs in harassment cases and the reinforcement of protections for whistleblowers.

Moreover, the committee stressed the necessity for firms to adopt a “zero tolerance approach” towards misconduct across the financial and professional services industry, which employs around 2.5 million people and contributes approximately £278 billion, or 12% of the country’s economic output.

Harriett Baldwin, Chair of the Treasury Committee, remarked, “Efforts to tackle sexism in the City must progress at a much faster pace if this well-paid sector wishes to maintain its competitive advantage by drawing upon the broadest talent pool possible.”

The committee emphasised the need for men to play a more active role in challenging and reporting inappropriate behaviour by their male counterparts within their firms.

Additionally, concerns were raised about the lack of progress in achieving equal pay and increasing female representation in senior leadership roles across the City. Notably, the gender pay gap remains the highest among all UK sectors.

Despite the government’s gender pay gap reporting and the Women in Finance charter initiatives, which aim to enhance female representation in top positions, the committee found that these measures have not yielded the desired outcomes.

The report called for stronger measures to link executive pay with diversity improvements, the prohibition of salary history inquiries, and mandatory pay band disclosure in job adverts. It also urged the extension of gender pay gap reporting requirements to smaller firms and the review of the bonus cap removal to assess its impact on gender pay disparities.

The Financial Conduct Authority (FCA) stated its intention to review the range of views received, while the Treasury was approached for comment on the matter.

Read more:
MPs Demand Action on NDAs Following Bullying Inquiry in UK Financial Sector

0
FacebookTwitterGoogle +Pinterest
previous post
Hamas terror attack exposes Al Jazeera for what it really is
next post
Secrets of Success: Emma-Louise Fusari – Founder of In-House Health and Clinical Director

You may also like

Cyprus Solidifies Its Status as a Strategic Relocation...

July 28, 2025

UK Government has lost £21bn in pandemic fraud,...

March 31, 2023

Alibaba.com backs athlete365 business accelerator to empower olympic...

December 2, 2024

Entry-level jobs slump 32% amid rise of AI...

June 30, 2025

Is it last orders for the UK craft...

May 26, 2025

CBI prepares comeback after misconduct scandal

July 30, 2023

Nasa unveils quiet supersonic aircraft in effort to...

January 13, 2024

Rolls-Royce’s 1970s rescue offers a blueprint for British...

April 17, 2025

The Importance of Family Dentistry: Insights from Bridgewater...

June 6, 2023

How Loyverse Integration Unlocks Small Businesses’ Growth

July 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • “YouTube is future-proofing itself”: leading producer backs AI crackdown to protect creative jobs

      August 7, 2025
    • Horizon victim Lee Castleton sues Post Office and Fujitsu for £4.5m in landmark legal claim

      August 7, 2025
    • Bank of England expected to cut interest rates to 4% amid weakening UK economy

      August 7, 2025
    • OpenAI in talks over $500bn share sale, potentially surpassing SpaceX in value

      August 7, 2025
    • UK construction activity slumps to lowest level since Covid amid housing slowdown

      August 7, 2025
    • Getting to Know You: Stuart Davis, CEO & co-founder, Dubs Universe

      August 7, 2025

    Categories

    • Business (8,698)
    • Investing (2,179)
    • Politics (16,329)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved