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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

British insurers leave CBI as lobby group crisis worsens.

The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. RE... The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/File Photo
The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. RE... The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/File Photo

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Aviva (AV.L) and Phoenix Group left the Confederation of British Industry on Friday after news about worker rape accusations worsened the crisis at the premier business group.

If members leave after the incident, the CBI, representing 190,000 UK businesses, may struggle to survive.

Many members, including Britain’s biggest corporations, await a legal firm’s inquiry into the accusations, which will likely be published later on Friday, before reacting.

Even though a police investigation is underway, Aviva decided to leave the advocacy organization immediately.

“In light of the very serious allegations made, and the CBI’s handling of the process and response, we believe the CBI is no longer able to fulfil its core function – to be a representative voice of business in the UK,” an Aviva spokeswoman said.

Phoenix Group claimed the additional allegations were the final straw following the British Insurance Brokers’ Association, which terminated links with the CBI, the Financial Times reported on Monday.

After the Guardian reported that a female employee was raped by a manager at an office party, the City of London Police launched “a serious criminal offence” inquiry last week.

A second woman has since told the Guardian that CBI colleagues raped her.

Last Monday, the CBI fired its director general Tony Danker for “unacceptable” behavior. However, the Guardian stated his resignation was unrelated to the criminal claims.

The CBI announced a cultural review on Friday.

“While the CBI was not previously aware of the most serious allegations, it is vital that they are thoroughly investigated now and we are liaising closely with the police,” CBI President Brian McBride said.

“The board will communicate its response to this (the independent investigation) and other steps we are taking to bring about the wider change that is needed early next week.”

Last week, Britain’s largest supermarket Tesco (TSCO.L), said it would wait for the law firm’s report before reacting. Asset management Abrdn (ABDN.L) followed suit on Friday.

“Like other members, we await the outcome of the current review, and look forward to understanding the CBI’s plans for dealing with the issues that have emerged,” an abode spokesperson said.


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