Harassment allegations have increased in the UK's financial sector

According to a study by the financial regulator, reports of non-financial misconduct increased by 72 percent between 2021 and 2023.

Complaints of bullying, discrimination and other non-financial misconduct in the UK's financial sector have risen over the past three years, a study by the country's financial regulator has found.

According to a study by the Financial Conduct Authority (FCA), reports of non-financial misconduct will increase by 72 percent between 2021 and 2023.

Harassment and discrimination made up the largest share of the 5,380 complaints filed, accounting for 26 percent and 23 percent of the total, respectively.

Another 40 percent of reports related to “other” claims of misconduct, covering a wide range of behaviors from offensive language to illegal drug use and bringing unwanted pets into the office.

Companies took action on complaints in 43 percent of cases, though those accused of misconduct rarely had their salaries or bonuses docked, according to the survey.

The use of confidentiality and settlement agreements in the sector also declined during this period, the survey found.

“The findings should act as a catalyst for boards of regulated firms and trade associations to prioritize and act on non-financial misconduct issues that lead to poor work culture and may ultimately harm consumer or market integrity,” the FCA said.

The report comes after a parliamentary committee in January released a summary of hearings into the experiences of women in the financial industry that suggested widespread misconduct and mistreatment in the sector.

The women told MPs that while sexual harassment had become less common in the office, sexual harassment had in many cases shifted to conferences and work trips.

A number of high-profile scandals in recent years, including allegations of sexual harassment and assault against hedge fund founder Crispin Oday, who has denied wrongdoing, have raised concerns that there is a culture of hostility towards women in London's financial sector.