Sexual harassment and bullying claims soar at City firms, new survey finds

The Financial Conduct Authority said allegations of intersexual harassment, bullying and favoritism roseate by astir 75% implicit the 3 years covered by the survey

Cases of bullying, intersexual harassment and favoritism astatine City firms person soared betwixt 2021 and 2023, according to a caller survey by the Financial Conduct Authority (FCA).

The watchdog's non-financial misconduct survey revealed a astir 75% summation successful complaints implicit the three-year period. In 2021, firms reported 1,363 complaints, which escalated to 2,347 successful 2023, marking a 72% rise.

Most of these complaints originated from wholesale banks, with bullying and harassment accounting for 26% and favoritism making up 23%.

The FCA suggested that the surge successful complaints could beryllium viewed positively, indicating a civilization wherever individuals consciousness empowered to talk out. Conversely, a debased reporting complaint mightiness suggest the opposite.

Treasury Committee Chair Meg Hillier said: "During the past parliament, erstwhile members of the Treasury Committee recovered a shocking prevalence of intersexual harassment and bullying successful the concern sector, and a civilization which is holding backmost women.

Dame Meg added: " Dame Meg further added: "On the surface, these latest findings look to amusement that acold from the City dealing with these issues, it whitethorn adjacent beryllium going backwards. As the FCA highlights, it’s imaginable that the summation successful reported incidents is owed to changes successful however firms study their cases.

"The Treasury Committee which I seat volition question further clarity connected this contented erstwhile we adjacent invitation the regulator to Westminster."

The FCA has discovered that portion immoderate firms usage interior systems to spot imaginable issues, ceremonial processes and whistleblowing stay the astir communal detection methods. The watchdog has shared its findings to assistance firms comparison their reporting with that of their peers.

Sarah Pritchard, enforcement manager of markets and international, commented: "We privation this information to enactment fiscal firms by providing their absorption teams and boards with an accidental to see if they basal out, and, if so, wherefore that mightiness be.

"The information requires discourse and cautious interpretation. But successful being transparent we anticipation fiscal firms tin benchmark themselves against their peers."

"Healthy workplace cultures are indispensable crossed each the markets we modulate – wherever non-financial misconduct is allowed to persist it tin undermine spot and confidence, and make a civilization wherever wrongdoing goes unchallenged, causing harm."

“We are grateful to spot a fig of commercialized bodies engaging with these findings. We look guardant to continuing to spouse with them to proceed to rise standards.”