Allegations of bullying, discrimination and other non-financial misconduct in the UK financial sector have soared over the past three years, according to a survey by the country's financial regulator.
Reports of non-financial misconduct increased by 72 per cent between 2021 and 2023, according to the Financial Conduct Authority (FCA) survey.
Bullying and discrimination accounted for the majority of the 5,380 complaints recorded, accounting for 26 percent and 23 percent of the total, respectively.
Another 40 percent of the reports covered “other” allegations of misconduct, covering a broad spectrum of behavior ranging from offensive language to illegal drug use to bringing unwanted pets into the office.
Companies took action on a complaint in 43 percent of cases, although those accused of misconduct were rarely docked wages or bonuses, the survey found.
The use of confidentiality and resolution agreements in the sector also decreased during the period, according to the survey.
“The results should act as a catalyst for boards of directors and trade associations of regulated companies to prioritize and act on issues of non-financial misconduct that lead to poor workplace cultures and can ultimately harm consumers or the market integrity,” the FCA said.
The report comes after a parliamentary committee in January published a summary of hearings into the experiences of women in the financial industry that suggested misconduct and misogyny were widespread in the sector.
Women told MPs that while sexist behavior in the office had become less common, sexual harassment had in many cases moved to conferences and work trips.
Concerns that London's financial sector has a culture of hostility towards women have emerged amid a series of high-profile scandals in recent years, including allegations of sexual harassment and assault leveled at hedge fund founder Crispin Odey, who has denied any wrongdoing.