Allegations of bullying, discrimination, and other non-financial misconduct within the UK’s financial sector have skyrocketed over the past three years, Al Jazeera reports, citing a new survey by the Financial Conduct Authority (FCA).
The survey, published today, found that reports of non-financial misconduct rose by a staggering 72% between 2021 and 2023. Of the 5,380 complaints recorded, bullying and discrimination accounted for the largest share, with 26% and 23% respectively.
A further 40% of reports fell under the category of “other” misconduct, encompassing a broad range of behaviors from offensive language to illegal drug use and even bringing unauthorized pets into the workplace.
While companies took action in response to 43% of complaints, the survey found that those accused of misconduct were rarely penalized with pay cuts or bonus reductions. Additionally, the use of confidentiality and settlement agreements in the sector declined over the same period.
This report follows a January publication by a parliamentary committee, which summarized hearings into women’s experiences in the financial industry. The committee’s findings suggested that misconduct and misogyny are prevalent within the sector.
Women shared testimonies with MPs, detailing that while sexist behavior in the office has become less common, sexual harassment has shifted to conferences and work trips.
These findings have fueled concerns about a culture of hostility towards women in London’s financial sector. Recent years have seen several high-profile scandals, including allegations of sexual harassment and assault against hedge fund founder Crispin Odey, who has denied all wrongdoing.
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