Misconduct Reports Surge at City Firms, FCA Survey Reveals

A Financial Conduct Authority survey shows a significant rise in non-financial misconduct cases, highlighting ongoing cultural issues in the finance sector.

The Financial Conduct Authority recorded 2,347 incidents of non-financial misconduct in 2023, up from 1,670 in 2022.
Bullying and harassment accounted for 26% of complaints, while discrimination made up 23%.
The rise in reports may reflect a culture where employees feel safer to speak up, according to the FCA.
Despite the increase in complaints, City firms rarely dock pay or bonuses as a consequence of misconduct.
The FCA is not planning new recommendations but encourages firms to use the data to benchmark and improve their internal practices.