With news that Boris Johnson's ex-wife Marina Wheeler KC has been appointed as Labour's adviser on protecting women against workplace harassment, it begs the question

Ms Wheeler, an employment lawyer, will look at how to make it easier for workers to blow the whistle on bullying and discrimination at work.

Workplace whistleblowers are already protected from unfair dismissal.

But the law only applies in certain circumstances - such as when employers have committed criminal offences. It follows the decision by the Bank of England in Jan last year to announce it’s own plan to encourage whistle blowers to step forward and reveal wrongdoing in the financial sector.

If you think a firm or individual is involved in wrongdoing within the financial sector, and you want to report it confidentially, contact our dedicated and independent whistleblowing team whistleblowing@bankofengland.co.uk. They will provide advice and guidance to anyone who requires it.

So, should the financial sector be worried?

Following the Panama and Paradise Papers leaks, David Walbank KC explains the possibilities of future scandals and the vagaries of the new financial crime provisions.

“You’d be a brave man to say it’s all come out with Panama and Paradise,” says financial crime lawyer  David Walbank QC. “It may well be that other skulduggery comes to light as a result of the government provisions.” says the eminent KC.

The ICAEW published it’s view of the impact on financial services here and says that in essence it was Part 3 of the Act that drew the most attention from the financial services world as it created two new criminal offences of corporate failure to prevent a tax evasion facilitation offence – either domestic or foreign. To defend against these, firms need to prove they have in place ‘reasonable prevention procedures’. So, the burden of responsibility has very much shifted to firms. The preventative procedures are based around six guiding principles:

• risk assessment;

• proportionality of procedures;

• top-level commitment;

• due diligence;

• monitoring and review; and

• communication and training.

“The boards of these firms are genuinely terrified about these provisions and alive to the risks they face,” says Walbank. “They are keen to get their people trained up and the relevant procedures 
put in place.

“A lot of it is about communication channels. A culture needs to be created that makes it not just acceptable, but required, to raise concerns about any potential issues. So, if a low-level employee sees something out of the ordinary or that they don’t quite understand, there should be an expectation and understanding that if they draw it to the attention of their management it is a good thing. It’s about encouraging openness and transparency.”

In a speech to the Labour conference on Tuesday, shadow attorney general Emily Thornberry will say: "For too long, a woman suffering sexual harassment in the workplace has faced a terrible choice: if she speaks out, the individual responsible may be investigated, but even then, she still risks losing her job and her other employment rights, while he gets a slap on the wrist.

"It is time we offered the same protections to people reporting sexual harassment, bullying and discrimination in the workplace as we do to other whistleblowers."

In a statement, Ms Wheeler said: "Women in the workplace too often suffer sexual harassment and assault and they pay a heavy price for speaking out. Knowing this, and to keep their jobs, they suffer in silence."

She highlighted a recent survey in which female surgeons reported suffering sexual harassment or assault at the hands of colleagues during the five preceding years.

"Having spent over two decades litigating employment disputes, I am delighted to be working with Emily Thornberry to help formulate solutions - including law reform where necessary - to encourage women to come forward," she added.

Ms Thornberry will also set out plans to strengthen the property rights of unmarried women who live with their partners, in England and Wales.

"For too long, women in co-habiting couples have been left with no rights when those relationships come to an end.

"If there is no joint property or parental responsibilities, a man can kick his partner out of their home, and leave her with nothing, especially if he has the means to go to court, and she does not."

She will add: "No woman should be forced to get married or stay in an unhappy relationship just to avoid being put out on the street."

Marina Wheeler and Boris Johnson, who have four children, separated in 2018 after marrying in 1993.

They reached a divorce settlement in February 2020.

How does that combative one upmanship approach fit with the collaborative approach being extolled, explored and espoused by the global financial community? And will it drive or be reflected in key conversations taking place at this year’s conference of Responsible Asset Owners across Europe at #RAOEurope23?

2 Compelling Keynotes:

 @Dr Roger Miles (he was an incredibly popular speaker last year! This year he’s exploring AI & Technology) 

Andrew Howard from our hosts, Schroders, on Sustainability Opportunities and Threats.

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5 Information-Packed Panels:

MACRO-ECONOMIC ENVIRONMENT ESSENTIALS

Which brands are leading the charge to pull in new money from Investors, as well as

protecting and growing existing client portfolios? 

What are the little-known ways that rising deal competition affects industry standards?

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REGULATORY CHANGE AND THE EDINBURGH REFORM MUST-KNOWS

What do these new regulations add to the competitiveness of the City of London? 

Or are they just tinkering around the edges?

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SUSTAINABLE INVESTING: A THREAT TO RETURNS?

Are transparency and regulation the ONLY routes to removing greenwashing? 

Or will data be the determining factor in separating leaders from followers?

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CONSUMER DUTY: FOCUSSED 5

5 new rules that will further impact margins, requiring greater oversight and accountability throughout the customer journey.

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THE BIODIVERSITY BALANCE

What exactly is the business and reputational case for acting swiftly versus the cost of inactivity on valuations?

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 Ready to access these latest and most relevant insights in just one day while networking with fellow industry leaders

Here’s what Pedro Guazo, CEO UN Joint Staff Pension Scheme had to say about RAO events, "What a Fantastic Event - count on me for your events worldwide and hope to see you soon."

#assetmanagers #fundowners #responsibleinvesting #ethicalinvesting #ROIs #RAOEurope23