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Lloyds of London

Chloë Bell and Anson Cheung act for Lloyd’s in ground-breaking non-financial misconduct proceedings

Lloyd’s of London has today issued a Public Censure, the first of its kind, against Atrium Underwriting Limited relating to non-financial misconduct by employees and failures by Atrium in the way in which it responded to allegations of misconduct.

In regulatory Market Bulletin Y5252, Lloyd’s set out its policy in relation to conduct involving harassment, bullying, discrimination, and consumption of alcohol or drugs at work. The Bulletin makes clear that in addition to the actions of individuals, of “equal importance is the culture of the firm for whom the individual works and whether it supports or tolerates a culture of unacceptable personal behaviour towards others. The proceedings against Atrium were brought as a result of serious failures by the firm including failures by senior managers. Instances of non-financial misconduct are evident as having taken place over a number of years which, in Lloyd’s view, precipitated a culture which tolerated instances of unacceptable conduct involving discrimination, harassment and bullying. 

Atrium settled proceedings before the Lloyd’s Enforcement Board having accepted charges brought following a Lloyd’s regulatory inquiry, a fine of £1.050 million and liability to pay Lloyd’s costs of the proceedings. 

Chloë Bell and Anson Cheung, led by Farhaz Khan of 3VB, acted for Lloyd’s during the inquiry and before the Enforcement Board, instructed by Claire Schrader (Head of Legal), Will O’Connor (Manager, Litigation & Enforcement) and Kevin Lazarus of Lloyd’s Legal Department.

Find out more

Read the Market Bulletin here.

This case has also generated interest from the media. Read The Financial Times article here (subscription required).

More about our team

Chloë Bell is a commercial and chancery barrister. She has been recognised as a Rising Star in Legal 500 who describe her as ‘extremely clever, hardworking and is working at a level beyond her year of call’. She is quickly becoming recognised for her financial services and regulatory investigations expertise.

Anson Cheung is a commercial and chancery barrister and a highly sought after junior with experience in financial services. She is currently on secondment within the General Counsel’s Division of the FCA.

To find out more, contact Sam Carter on +44 (0)203 989 6669 or Colin Bunyan on +44 (0)20 7427 4886 for a confidential discussion.

Commercial, News 16 Mar, 2022

Authors

Chloë Bell

Call: 2015

Anson Cheung

Call: 2019

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