Reports of non-financial fraud increased by 72% between 2021 and 2023, according to a study by the financial regulator.
Allegations of bullying, discrimination and other non-financial misconduct in Britain’s financial industry have soared over the past three years, an investigation by the country’s financial regulator has found.
Reports of non-financial misconduct increased by 72% between 2021 and 2023, according to a study by the Financial Conduct Authority (FCA).
Of the 5,380 complaints recorded, bullying and discrimination accounted for the largest proportion, accounting for 26 percent and 23 percent of the total, respectively.
A further 40% of the reports addressed allegations of “other” misconduct, covering a wide range of conduct from offensive language to illegal drug use to bringing unwanted pets into the office. I was there.
The study found that companies took action related to complaints in 43% of cases, but companies accused of wrongdoing almost never had their salaries or bonuses reduced.
The study found that the use of non-disclosure agreements and settlement agreements in the sector also declined over the period.
The FCA said: “This finding raises the issue of non-financial misconduct by the boards of regulated companies and industry bodies, which can lead to poor work cultures and ultimately harm the health of consumers and markets. This should serve as an opportunity to prioritize and respond to these issues.”
The report was released after a parliamentary committee released a summary of a hearing into the experiences of women in the financial industry in January that suggested fraud and misogyny were widespread in the industry.
Women told MPs that while sexist behavior in the office had become less frequent, sexual harassment often moved to meetings and business trips.
Concerns that there is a culture hostile to women in London’s financial sector have been the subject of a series of high-profile incidents in recent years, including allegations of sexual harassment and assault against hedge fund founder Crispin O’Day, who denies wrongdoing. It is occurring amidst a growing scandal.
