Tony Danker, director general of the Confederation of British Industry, has been accused of sexual harassment. Bloomberg
Tony Danker, director general of the Confederation of British Industry, has been accused of sexual harassment. Bloomberg
Tony Danker, director general of the Confederation of British Industry, has been accused of sexual harassment. Bloomberg
Tony Danker, director general of the Confederation of British Industry, has been accused of sexual harassment. Bloomberg

CBI head Tony Danker to step aside while probe into his behaviour takes place


Matthew Davies
  • English
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The boss of the Confederation of British Industry (CBI) is stepping aside while an investigation into his conduct is completed.

The CBI previously said it had looked into an allegation about the behaviour of its director general, Tony Danker, in January, but found that "the issue did not require escalation to a disciplinary process".

However, last Thursday it was made aware of new reports about Mr Danker's conduct and has now launched an investigation.

The Guardian newspaper had approached the CBI over the complaints last week, which included claims from a female employee that Mr Danker had made "unwanted contact" with her, which she considered amounted to "sexual harassment".

The latest complaints were made a day after the CBI's future work conference, which included speeches from Education Secretary Gillian Keegan and deputy Labour leader Angela Rayner.

"Tony Danker asked to step aside from his role as director general of the CBI, while the independent investigation into these matters takes place," the organisation said in a statement.

"The CBI takes all matters of workplace conduct extremely seriously, but it is important to stress that, until this investigation is complete, any new allegations remain unproven and it would be inappropriate to comment further at this stage."

Tony Danker (L), pictured with PM Rishi Sunak, is stepping down as CBI director general while he is investigated. PA
Tony Danker (L), pictured with PM Rishi Sunak, is stepping down as CBI director general while he is investigated. PA

'Highest standards'

In his own statement, Mr Danker said: "It's been mortifying to hear that I have caused offence or anxiety to any colleague. It was completely unintentional and I apologise profusely.

"The CBI is the employers' organisation and I am very proud to be its leader.

"We always strive for the highest standards. I therefore support the decision we've taken to review any new allegations independently.:"

Mr Danker became director general at the CBI, which is one of the UK's largest employer groups, in November 2020, replacing Dame Carolyn Fairbairn.

He spent seven years from 2010 to 2017 as chief strategy officer at Guardian News and Media, the group which owns the newspaper of the same name.

Mr Danker had previously been the first chief executive of Be The Business, a body founded by former chancellor George Osborne and a group of FTSE 100 executives to support UK business growth.

The chief UK policy director at the CBI, Matthew Fell, will head the group on an interim basis.

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Thelonius Monk: for his earnestness.

Duke Ellington: for his edge and spirituality.

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Sophie Shams (Dubai Exiles mini, England sevens international)

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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Updated: March 06, 2023, 4:03 PM