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Brief
On "25/10/2024", the "Financial Conduct Authority" issued an update regarding "FCA publishes results of non-financial misconduct survey".
The FCA has published the results of a survey to better understand how firms record and manage allegations of non-financial misconduct, finding that the number of allegations reported increased between 2021 and 2023. The survey covered over 1,000 investment banks, brokers, and wholesale insurance firms.
Bullying and harassment (26%) and discrimination (23%) were the most recorded concerns, while a large 'other' group of concerns (41%) highlights the challenges in categorizing issues of personal misconduct. Firms identified concerns through various mechanisms, with formal processes and whistleblowing being the most prevalent methods of detection.
The FCA is sharing the findings to enable firms to benchmark their own reporting against peer analysis and consider if their processes remain appropriate. Trade associations will play a key role in coordinating industry-wide analysis and actions.
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