£1 million fine | Firm SLAMMED over staff parties rife with initiation games, bullying & sexism

An insurance firm has been fined a record £1million after an investigation found some of its male managers led a culture of heavy drinking, initiation games and sexual remarks about female staff, according to the BBC.

Atrium Underwriters has admitted charges relating to bullying and misconduct during annual 'boys' nights out'. Some of the behaviour was led, participated in and condoned by two senior leaders, according to the report conducted by Lloyd’s of London.

Atrium has accepted the ruling and issued an apology, also vowing to ensure these incidents recurring.

The national broadcaster also reported that the fine of £1,050,000 is the largest ever imposed by Lloyd's independent disciplinary committee, and its first for non-financial misconduct.