Stories of non-financial misconduct rose 72 p.c between 2021 and 2023, in accordance with survey by monetary regulator.
Allegations of bullying, discrimination and different non-financial misconduct within the UK’s monetary sector have soared over the last three years, a survey by the nation’s monetary regulator has discovered.
Stories of non-financial misconduct rose 72 p.c between 2021 and 2023, in accordance with the survey by the Monetary Conduct Authority (FCA).
Bullying and discrimination made up the biggest share of the 5,380 recorded complaints, accounting for 26 p.c and 23 p.c of the full, respectively.
One other 40 p.c of experiences associated to “different” claims of misconduct, overlaying a large spectrum of behaviour starting from offensive language to unlawful drug use and bringing undesirable pets into the workplace.
Firms took motion in relation to a criticism in 43 p.c of instances, though these accused of misconduct have been hardly ever docked pay or bonuses, in accordance with the survey.
The usage of confidentiality and settlement agreements within the sector additionally declined over the interval, the survey discovered.
“The outcomes ought to act as a catalyst for regulated companies’ boards and commerce associations to prioritise and act on problems with non-financial misconduct that result in poor working cultures and might in the end hurt shoppers or market integrity,” the FCA mentioned.
The report comes after a parliamentary committee in January printed a abstract of hearings into ladies’s experiences within the monetary business that instructed misconduct and misogyny have been widespread within the sector.
Ladies instructed MPs that whereas sexist behaviour within the workplace had turn into much less frequent, sexual harassment had in lots of instances shifted to conferences and work journeys.
Considerations that London’s monetary sector has a tradition of hostility in the direction of ladies have arisen amid a sequence of high-profile scandals in recent times, together with allegations of sexual harassment and assault levelled towards the hedge fund founder Crispin Odey, who has denied wrongdoing.
