Rise in Non-Financial Misconduct Reports in Finance

A recent survey by the Financial Conduct Authority (FCA) revealed that reports of bullying, discrimination, and non-financial misconduct in the UK finance industry soared by nearly 60% from 2021 to 2023, reaching 2,347 incidents. The rise suggests a potentially healthier 'speak up' culture, yet a significant portion of firms (over one-third) failed to report these cases to their boards. Among the reported incidents, bullying and harassment accounted for 26%, while discrimination was noted in 23% of cases. Alarmingly, 41% of misconduct cases fell into a miscellaneous category, highlighting a range of issues beyond the most commonly reported offenses. Despite the surge in reports, many firms lack formal governance structures to address these issues, with 44% of insurers not informing their boards about non-financial misconduct. The FCA stressed the importance of prioritizing these concerns to improve workplace culture and consumer protection in the finance sector.