The Financial Conduct Authority’s (FCA) culture and non-financial misconduct survey has been welcomed by professional bodies as it “highlights an opportunity for the profession to make a difference”, with PIMFA set to develop guidance.
The UK's financial watchdog's study found that the number of non-financial misconduct incidents in certain sectors within financial services soared between 2021 and 2023. It found that around 1,363 incidents were reported in 2021, a number which increased to 1,670 in 2022 and 2,347 last year. The FCA study, which polled over 1,000 wholesale insurers, banks and brokers, found that most incidents (26%) related to bullying and harassment, followed by discrimination at 23%, although the largest group (41%) fell under the ‘other' category of the survey. Personal Investment Management & ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
