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The insurance market Lloyd's of London has issued the largest ever fine, of more than 1m, in its 336-year history after a member firm mishandled a bullying and harassment case and hosted an inappropriate Boys Night Out" event for staff, our banking correspondent Kalyeena Makortoff reports.

Lloyd's announced today that it had issued three charges against Atrium Underwriters in relation to serious failures" by the firm and its senior managers, which came to a head in 2018.

We are deeply disappointed by the behaviour highlighted by this case, and I want to be clear that discrimination, harassment and bullying have no place at Lloyd's. The robust action we have taken today, including the largest fine ever imposed by the Lloyd's Enforcement Board, shows that we will not tolerate poor conduct in our market. Lloyd's expects all participants in the market to meet the highest standards of professionalism, and we are continuing to use our powers to intervene when needed.

With deep regret, it is clear that Atrium failed to live up to its values and serious errors were made when handling these matters. We are sorry for the hurt that this caused and how difficult this been for those affected.

We have moved quickly to address and learn from these past failings and update our policies and procedures to ensure the highest standards.