A culture of racism exists among senior staff at the Financial Services Authority who are described as "untouchable", according to a leaked internal report obtained by the Observer.
Chief executives of FSA-regulated firms were also criticised for racist behaviour, with one said to have used the word "nigger" during a meeting. The comment went unreported by FSA staff at the time. On a separate occasion, another chief executive made a joke about a Muslim suicide bomber, which again went unchallenged. Lower-level employees are too frightened to speak out, saying it is "career suicide" to make a complaint against senior staff. One admitted: "If you raise a grievance you might as well get your P45." But the report, which was sent to the FSA in September 2008, has now ...
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