Complaints of bullying and harassment surge in UK financial sector | business and economy

Reports of non-financial misconduct increased by 72% between 2021 and 2023, according to a survey by financial regulators.

An investigation by the UK's financial regulator has found that allegations of bullying, discrimination and other non-financial misconduct in the UK's financial sector have risen sharply over the past three years.

Research from the Financial Conduct Authority (FCA) found that the number of reports of non-financial misconduct increased by 72% between 2021 and 2023.

Harassment and discrimination accounted for the largest proportion of the 5,380 reported incidents, accounting for 26% and 23% of the total, respectively.

Another 40% of reports involving allegations of misconduct cover a wide range of behavior, from offensive language to illegal drug use to bringing unwanted pets into the office.

The survey found that companies took action in relation to 43% of complaints, but those accused of misconduct rarely received pay or bonuses.

The survey also found that the use of confidentiality and consent agreements in the sector had also decreased over the period.

The FCA said: “These results act as a catalyst for regulated corporate boards and trade associations to prioritize and take action on issues of non-financial misconduct that can lead to poor working cultures and ultimately harm consumers or market integrity. “It has to be done,” he said.

The report comes after a congressional committee in January released a summary of a hearing on women's experiences that found misconduct and misogyny were widespread in the financial industry.

The women told lawmakers that while sexist behavior in the office has become less common, sexual harassment has in many cases moved to meetings and business trips.

Concerns that London's financial sector has a hostile culture towards women have arisen amid a series of high-profile scandals in recent years, including allegations of sexual harassment and assault against hedge fund founder Crispin Odey.

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