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 past 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 most important share of the 5,380 recorded complaints, accounting for 26 p.c and 23 p.c of the whole, respectively.
One other 40 p.c of experiences coated “different” claims of misconduct, which coated a large spectrum of behaviour starting from offensive language to unlawful drug use and bringing undesirable pets into the workplace.
Corporations took motion in relation to a criticism in 43 p.c of circumstances, though these accused of misconduct had been hardly ever docked pay or bonuses, in accordance with the survey.
Using 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 corporations’ 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 printed a abstract of hearings into girls’s experiences within the monetary trade that advised misconduct and misogyny had been widespread within the sector.
Girls advised MPs that whereas sexist behaviour within the workplace had develop into much less widespread, sexual harassment had in lots of circumstances 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 sequence of high-profile scandals in recent times, together with allegations of sexual harassment and assault levelled in opposition to the hedge fund founder Crispin Odey, who has denied wrongdoing.
