Experiences of non-financial misconduct rose 72 p.c between 2021 and 2023, in response to survey by monetary regulator.
Allegations of bullying, discrimination and different non-financial misconduct within the UK’s monetary sector have soared over the past three years, a survey by the nation’s monetary regulator has discovered.
Experiences of non-financial misconduct rose 72 p.c between 2021 and 2023, in response to 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 overall, respectively.
One other 40 p.c of stories 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 not often docked pay or bonuses, in response to 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 customers or market integrity,” the FCA mentioned.
The report comes after a parliamentary committee in January revealed a abstract of hearings into girls’s experiences within the monetary trade that urged misconduct and misogyny have been widespread within the sector.
Girls informed MPs that whereas sexist behaviour within the workplace had grow to be much less widespread, 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 direction of girls have arisen amid a collection of high-profile scandals lately, together with allegations of sexual harassment and assault levelled in opposition to the hedge fund founder Crispin Odey, who has denied wrongdoing.
