Following allegations of rape of a trainee in London by a senior staff member, UBS Group AG, the Swiss multinational investment bank and financial services company is setting up a confidential hotline for its employees to report sexual misconduct and harassment.
Having taken the matter very seriously, Bank’s management has taken it upon itself to ensure a safe environment for its staff to report any misbehaviour. The Bank will also ensure that its HR personnel are trained to investigate such cases in future.
The Financial Conduct Authority, UK’s financial-services regulator, has been reviewing and investigating the manner in which UBS has dealt with the rape allegation of its London-based trainee by a senior co-worker. It retained law firm Freshfields to conduct a review of the incident and how the matter was handled.
The Bank had been asked to explain why it had not been transparent and had failed to notify the regulator about the allegation.
However, reviews and investigations by Freshfields have revealed that the Bank had done a fair job of handling the complaint and conducting investigations. However, the Bank itself admitted that the reviews had revealed areas where there is scope for improvement, including the dearth of trained experts.
