There are solely six months left earlier than monetary providers companies must adjust to new legal guidelines to stop sexual harassment within the office, a consultancy has warned.
The Employee Safety Act is anticipated to grow to be regulation from 25 October.
Tax and audit consulting agency RSMR UK says a latest Treasury Committee report, ‘Sexism within the Metropolis’, reported that 45% of employees in monetary providers have skilled sexual harassment within the office.
With this in thoughts, RSM says companies ought to take steps now to guard employees and guarantee compliance.
The brand new Employee Safety Act features a necessary authorized responsibility for all employers to take “affordable and proactive steps” to stop sexual harassment of their staff.
Breach of this requirement may see staff claiming limitless compensation at employment tribunals.
Charlie Barnes, head of employment authorized providers at RSM UK, stated: “Regulators have recognised sexual harassment in monetary providers wants tackling urgently, and the onus is on regulated companies to take motion.
“Employers should be absolutely conscious of their authorized duties and take steps now to guard their staff. Sexual harassment is extraordinarily distressing for victims, and no enterprise desires its staff to undergo on this means.
“For companies, an accusation of sexual harassment can result in expensive compensation claims, reputational harm and recruitment points. It’s in everybody’s finest pursuits to get rid of it.”
The Treasury Committee’s report referenced the experiences of a number of senior feminine leaders within the business, which had been stated to be “unacceptable” and “painted a unfavorable image of widespread sexual abuse and harassment in the direction of ladies in monetary providers,” the agency stated.
The agency recommends monetary providers firms take steps together with finishing up a threat evaluation of the organisation in areas the place staff could also be uncovered to dangers of sexual harassment. Companies must also “foster” a tradition the place victims really feel empowered to talk up.
Companies must also have a proper course of to analyze any claims of sexual harassment by staff.
The Monetary Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have collectively carried out a session on bettering variety and inclusion within the sector, which incorporates non-financial points reminiscent of sexual misconduct and bullying. New guidelines are anticipated in 2025, RSM UK says.
RSM is an audit, tax and consulting agency with 4,715 companions and employees working from 30 UK areas.
