Complaints of bullying and harassment are on the rise in the UK financial sector Business and Economics

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

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

Reports of non-financial misconduct increased by 72 percent between 2021 and 2023, according to research by the Financial Conduct Authority (FCA).

Bullying and discrimination made up the majority of the 5,380 recorded complaints, accounting for 26 percent and 23 percent of the total, respectively.

Another 40 percent of reports related to “other” misconduct claims, which included a variety of behavior from offensive language to illegal drug use and bringing unwanted pets into the office.

Companies acted on complaints in 43 percent of cases, although those accused of misconduct were rarely paid or given bonuses, according to the study.

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

“The results should act as a catalyst for the boards of regulated firms and trade associations to prioritize and take action on issues of non-financial misconduct that lead to poor working culture and can ultimately harm consumers or market integrity,” the FCA said.

The report comes after a parliamentary committee in January published a summary of discussions on women in the financial industry which highlighted misconduct and disrespect for women in the sector.

Women told MPs that although sexual behavior in the office has become commonplace, sexual harassment has often shifted to conferences and business trips.

Concerns that London's financial sector has a misogynistic culture have emerged amid a series of high-profile scandals in recent years, including allegations of sexual harassment and harassment against hedge fund founder Crispin Odey, who has denied wrongdoing.