Misconduct cases rise 72% in three years - but this could reflect better systems and reporting

One of the first surveys on non-financial misconduct has shown that bullying, harassment and discrimination are the main areas where allegations are made - and that the total numbers of incidents rose by 72 per cent between 2021 and 2023.

By Neasa MacErlean

The survey, conducted among 984 firms, was carried out by the Financial Conduct Authority with the principal aims of discovering how the sectors record and manage allegations, as well as to help individual firms benchmark their performance against others. The FCA is keen to avoid simplifying the outcomes when different interpretations are possible. Regarding the increase in allegations, it says in its announcement that "a high number of complaints could be an indicator of a healthy culture in which people feel they can speak up, confident they will be listened to. A low reporting rate may indicate the opposite."