An investigation into sexism and misogyny in the City of London has been restarted by a parliamentary committee as a result of a wave of sexual harassment claims that have shaken the corporate community.
The influential Treasury Committee's MPs said the new investigation would look at the obstacles women face in the financial services industry and assess whether any appreciable changes have been made since its previous inquiry in 2018, which raised issues with the gender pay gap, stigmas toward working mothers, and a "alpha male" culture, according to The Guardian.
The Call To Speak Up Against Sexism
The Financial Conduct Authority, as well as government and regulators, will all be discussed in relation to "combating sexual harassment and misogyny. The investigation follows two scandals that caused grave concerns about mistreatment and harassment of women in the workplace.
A number of corporations, including Aviva, NatWest, John Lewis, and BMW, ended their membership in the Confederation of British Industry after numerous allegations of sexual misconduct there earlier this year.
Then, in June, a Financial Times and Tortoise investigation uncovered allegations of sexual misconduct against multimillionaire Brexit donor and City boss Crispin Odey, leading to the £3.5 billion hedge fund's dissolution. Odey has denied doing anything improper.
By 1 September, the committee is asking anyone with experience working in the City to submit testimony online. Even though MPs lack the authority to look into specific situations, they are accepting anonymous suggestions from anyone concerned for their safety. Contributions may be kept confidential, and respondents may elect to have their comments omitted from any publications or follow-up reports.
MPs have not yet confirmed which witnesses will be required to appear in person. Similar to hearings in 2018, when the committee brought on the former Virgin Money chief executive, Jayne-Anne Gadhia, headhunters from Sapphire Partners, and partners from PwC, the witnesses are likely to include bosses from City firms, the FCA, and the Treasury.
The former group chief executive of Axa UK and current CEO of Aviva, Amanda Blanc, testified during the 2018 investigation. Last year, she was the target of sexist remarks from shareholders who claimed she was "not the man for the job" and ought to be "wearing trousers."
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A Bad Rep for the City of London's Workplace
Sexism and misogyny have been a problem in the City of London for many years. A 2018 survey by the Financial Times found that 43 percent of women in the City had experienced some form of sexism or harassment at work. This included being subjected to unwanted sexual advances, being made to feel uncomfortable or intimidated, or being excluded from opportunities.
In 2019, the #MeToo movement brought the issue of sexism and misogyny in the City to the forefront of public attention. Several high-profile cases of sexual harassment and assault were brought to light, and many women spoke out about their experiences of sexism in the workplace.
In response to the #MeToo movement, the City of London launched a number of initiatives to address sexism and misogyny. These included a new code of conduct for the financial services industry, and a new whistleblowing hotline. However, there is still much work to be done to create a more inclusive and welcoming workplace for women in the City.
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