Some 5380 non-financial misconduct cases have been made in the financial services industry over the past three years, but only 43% of them have been met with action, according to new findings by the Financial Conduct Authority (FCA).
The majority of cases were either not investigated, inconclusive, not upheld, upheld without action, or are still ongoing.
The survey of 1000 investment banks, brokers and wholesale insurance firms found that most cases related to bullying and harassment (27%) and discrimination (23%).
And the number of incidents has steadily risen over the past three years, with 1,363 reported in 2021, rising to 1,670 in 2022, and increasing further to 2,347 last year.
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However, the FCA argued that heightened misconduct claims could be the symptom of a healthy working environment. It indicates that people feel comfortable enough speak up in the confidence their grievances will be listened to.
Yet more work needs to be done. Sarah Pritchard, executive director of markets and international at the FCA, said the industry should “continue to raise standards”.
“Healthy workplace cultures are essential across all the markets we regulate – where non-financial misconduct is allowed to persist it can undermine trust and confidence, and create a culture where wrongdoing goes unchallenged, causing harm,” she added.
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