Reports of non-financial misconduct rose 72 percent between 2021 and 2023, according to survey by financial regulator.
Allegations of bullying, discrimination and other non-financial misconduct in the UK’s financial sector have soared during the last three years, a survey by the country’s financial regulator has found.
Reports of non-financial misconduct rose 72 percent between 2021 and 2023, according to the survey by the Financial Conduct Authority (FCA).
Bullying and discrimination made up the largest share of the 5,380 recorded complaints, accounting for 26 percent and 23 percent of the total, respectively.
Another 40 percent of reports covered “other” claims of misconduct, which covered a wide spectrum of behaviour ranging from offensive language to illegal drug use and bringing unwanted pets into the office.
Companies took action in relation to a complaint in 43 percent of cases, although those accused of misconduct were rarely docked pay or bonuses, according to the survey.
The use of confidentiality and settlement agreements in the sector also declined over the period, the survey found.
“The results should act as a catalyst for regulated firms’ boards and trade associations to prioritise and act on issues of non-financial misconduct that lead to poor working cultures and can ultimately harm consumers or market integrity,” the FCA said.
The report comes after a parliamentary committee in January published a summary of hearings into women’s experiences in the financial industry that suggested misconduct and misogyny were widespread in the sector.
Women told MPs that while sexist behaviour in the office had become less common, sexual harassment had in many cases shifted to conferences and work trips.
Concerns that London’s financial sector has a culture of hostility towards women have arisen amid a series of high-profile scandals in recent years, including allegations of sexual harassment and assault levelled against the hedge fund founder Crispin Odey, who has denied wrongdoing.