• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, June 17, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

MPs Demand NDA Crackdown Amid Financial Sector Bullying

March 8, 2024
Lawrence Ankutseby Lawrence Ankutse
in UK
0
MPs Demand NDA Crackdown Amid Financial Sector Bullying

UK's House of Commons

Members of Parliament (MPs) of the UK are pushing for new legislation that would prohibit financial firms in the City from using legal orders to silence victims. 

This call comes after a parliamentary investigation uncovered a disturbingly high incidence of sexual harassment and bullying targeting women in the UK’s financial industry.

The recommendation stemmed from the Treasury Committee’s inquiry titled “Sexism in the City.” The inquiry highlighted concerns regarding the slow progress in advancing and safeguarding the rights of women in one of the country’s most profitable sectors.

RelatedPosts

Scotland Pledges Equal Winter Fuel Payments

Labour Bets Big To Reverse Housing Decline

UK Denies Role In Israeli Strike On Iran

During the eight-month investigation, MPs engaged in hearings with City executives, financial regulators, government officials, and women working across the sector. 

They expressed shock at the widespread nature of sexual harassment and bullying, which even extended to serious offenses like sexual assault and rape. 

Moreover, they criticized the inadequate handling of such allegations by financial firms.

They were also critical of the “widespread misuse” of non-disclosure agreements (NDAs), saying they had the effect of “silencing the victim of harassment and forcing them out of an organization while protecting perpetrators and leaving them free to continue their careers and go on and abuse others.”

The influential cross-party committee is calling on the government to ban NDAs in harassment cases and strengthen protections for whistleblowers.

Meanwhile, firms need to embed a “zero tolerance approach” to misconduct across the UK’s financial and professional services industry, which employs about 2.5 million people and accounts for approximately £278bn or 12% of the country’s economic output.”

Treasury committee Harriett Baldwin
Harriett Baldwin, Treasury committee chair

The chair of the Treasury committee, Harriett Baldwin, remarked, “This well-paid sector will only be able to maintain its competitive advantage if it is able to draw on the widest possible pool of talent. That’s why it is so frustrating that efforts to tackle sexism in the City are moving at a snail’s pace.”

MPs, who initiated the inquiry following sexual harassment allegations against hedge fund boss Crispin Odey and within the Confederation of British Industry, emphasized the importance of men playing a more proactive role in confronting and reporting inappropriate behavior by their male counterparts within their organizations.

According to the report, “The elimination of sexual harassment, including serious sexual assault, and bullying should be a minimum standard expected to be guaranteed across the sector. It is a source of deep concern to us that this has not yet been achieved. This needs to be addressed, and urgently.” 

Issues About Income Disparity

The committee also expressed concerns about the City’s slow progress in achieving equal pay and promoting female leaders. 

Despite government initiatives like gender pay gap reporting and the Women in Finance charter, intended to boost the number of women in top roles, the anticipated change has not materialized.

The financial sector still maintains the UK’s largest gender pay gap. Even among firms committed to the Women in Finance charter, the proportion of women in senior roles increased modestly from 27% in 2016 to 35% in 2022. 

While this marked progress, the committee found the rate, slightly over one percentage point annually, frustratingly low.

The report urged signatories of the charter to establish a stronger correlation between executive pay and efforts to enhance diversity. 

MPs called for employers to be prohibited from soliciting salary history and mandated to disclose pay ranges in job postings. 

They also advocated for extending gender pay gap reporting requirements to smaller firms with fewer than 250 employees, including private equity and hedge funds, which typically have less diverse workforces.

Furthermore, concerns were raised regarding the removal of the bonus cap, which previously limited banks to paying bonuses no more than twice an employee’s salary. 

The committee cautioned that this move could worsen pay disparities and pressed the Financial Conduct Authority (FCA) and the Bank of England to conduct a formal review of its impact on gender pay in two years.

The FCA was contacted for comment and it said it would “reflect on the range of views received”.

READ ALSO: Tory Grassroots Slam Party and Budget Decisions

Tags: Bank of EnglandFinancial Conduct AuthorityUK’s financial sector
Please login to join discussion
Previous Post

Prof. Agyemang, The Best Choice – Dr. Otchere

Next Post

Biden Allays Concerns About His Fitness For Second Term

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

SamDakus Claims Ghana Doesn’t Have a Movie Industry
Entertainment

SamDakus Claims Ghana Doesn’t Have a Movie Industry

June 17, 2025
Vinicius Jr
Sports

Four Fans Convicted over Hate Crimes against Vinicius Jr.

June 17, 2025
power theft at Rehoboth
General News

Rehoboth Chastised Over Massive Power Theft

June 17, 2025
Epixode Debunks Creativity-Enhancing Use of Drugs
Entertainment

Artists Called on To Improve Their Live-Performance Skills

June 17, 2025
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
General News

Kasoa Fire Contained by GNFS, Not Civilians, Says Service

June 17, 2025
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
Asia

Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations

June 17, 2025
SamDakus Claims Ghana Doesn’t Have a Movie Industry
Entertainment

SamDakus Claims Ghana Doesn’t Have a Movie Industry

by Esther Korantemaa OffeiJune 17, 2025
Vinicius Jr
Sports

Four Fans Convicted over Hate Crimes against Vinicius Jr.

by Evans Junior OwuJune 17, 2025
power theft at Rehoboth
General News

Rehoboth Chastised Over Massive Power Theft

by Lilian AhedorJune 17, 2025
Epixode Debunks Creativity-Enhancing Use of Drugs
Entertainment

Artists Called on To Improve Their Live-Performance Skills

by Esther Korantemaa OffeiJune 17, 2025
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
General News

Kasoa Fire Contained by GNFS, Not Civilians, Says Service

by Silas Kafui AssemJune 17, 2025
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
Asia

Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations

by Comfort AmpomaaJune 17, 2025
SamDakus Claims Ghana Doesn’t Have a Movie Industry
Vinicius Jr
power theft at Rehoboth
Epixode Debunks Creativity-Enhancing Use of Drugs
Kasoa Fire Contained by GNFS, Not Civilians, Says Service, Fire, GNFS
Trump’s Early Exit From G7 Summit Sparks Israel-Iran Ceasefire Speculations
[/vc_row_inner]

Recent News

  • SamDakus Claims Ghana Doesn’t Have a Movie Industry
  • Four Fans Convicted over Hate Crimes against Vinicius Jr.
  • Rehoboth Chastised Over Massive Power Theft
  • Artists Called on To Improve Their Live-Performance Skills
  • Kasoa Fire Contained by GNFS, Not Civilians, Says Service
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.