The UK’s top financial regulator, FCA, is set to challenge a number of banks, insurers and brokers on reported sexual harassment and bullying in the workplace. The concern comes after 40 women from 30 different finance firms met anonymously last November to share personal experiences of sexism and misogyny they had encountered in the workplace. It was also made apparent that many of the women feared reporting such misconduct, as typically it resulted in the victim being forced to move teams, or even leave the company.
There has also been reports of Non-Disclosure Agreements being signed in sexual harassment cases, to protect the firms from reputational damage, as well as the perpetrators involved in the accusations. Following these allegations, the Financial Conduct Authority has recently announced that it will be surveying the banking industry alongside the insurance market, in order to understand the extent of these claims and ensure misconduct is being handled in a fair and transparent manner. Although there has been supposed progress in workplace culture for women over the last few years, many females still believe that issues persistwith sexual harassment now commonly taking place outside of office environments in events and work-related trips.
The decision to further investigate these claims marks a significant step towards fostering a culture of respect, specifically in supporting women within the corporate environment. The Financial Conduct Authority is threatening fines and penalties for those companies found condoning and hiding sexual misconduct. Nakhil Rathi, the Chief Executive of the FCA, emphasised how the Financial services workplaces need to be a safe place for women, and we must be proactive about dealing with serious issues in order to protect employees.