The Financial Conduct Authority has dismissed 12 employees for misconduct from 2022 to 2024. During that period, 38 staff underwent disciplinary proceedings, resulting in 26 written warnings. The regulator is consulting on new rules to standardize conduct across financial institutions, focusing on serious non-financial misconduct like bullying and harassment. Sarah Pritchard, FCA's deputy chief executive, emphasized that unchecked toxic behaviour harms growth and whistleblowing. The goal is to address serious misconduct effectively, holding senior managers accountable for their firm's actions.
Failure to tackle toxic behaviours drives away good people, prevents staff from speaking up and undermines performance. It damages growth and enables financial misconduct.
Organisations tasked with upholding industry standards cannot afford to compromise when it comes to dealing with incidents of misconduct.
The consultation aims to ensure that cases of serious non-financial misconduct are treated as matters of regulatory concern, with potential consequences for firms’ senior managers.
Data disclosed under the Freedom of Information Act shows that between 2022 and 2024, 38 FCA staff faced disciplinary proceedings.
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