Sexism in the city
Bloomberg recently revealed that a quarter of Financial Service firms missed the deadline for a crucial survey on sexual harassment and bullying, commissioned by the Financial Conduct Authority (FCA). Do Financial Service Firms have their heads in the sand about non-financial misconduct?
The Survey: A Snapshot
Earlier this year, the FCA launched an inquiry to address ongoing issues of sexual harassment and inappropriate conduct within banks, brokers, and insurers. This followed the Treasury Committee’s “Sexism in the City” inquiry, which highlighted rampant sexism and discriminatory practices within the financial sector, bringing to light stories of women facing systemic barriers, harassment, and a toxic culture that often went unchecked and led to high-profile scandals like those at Odey Asset Management and the CBI.
Following this, the FCA requested data from over 1,000 companies on harassment incidents, whistleblowing processes, and non-disclosure agreements (NDAs). But despite the mandatory nature of this survey, 261 firms missed the deadline, and only 36 of those requested extensions.
The Implications
Missing the survey deadline isn’t just a minor infraction—it highlights significant compliance and cultural issues within the sector. The FCA has also emphasised that non-compliance could result in financial penalties and searches of company premises it’s hard not to feel that Firms have their heads in the sand.
With more legislation coming, what should all Firms be doing?
The upcoming Worker Protection Act will put new scrutiny on firms and introduce new obligations to prevent sexual harassment. We share 5 tips below and have also created a guide to the Worker Protection Act.
Review Policies: Ensure all anti-harassment policies are up-to-date and comprehensive.
Enhance Reporting Mechanisms: Create clear, accessible channels for reporting harassment.
Implement Training Programs: Regularly train employees on their rights and responsibilities.
Engage Leadership: Make sure leadership is actively involved in promoting a safe and inclusive culture.
Review historic misconduct reports to assess outcomes, uses of NDAs and asses any patterns.
