City firms race to prepare for FCA crackdown on bullying and harassment
The Financial Conduct Authority (FCA) is expanding its crackdown on non-financial misconduct, such as bullying and harassment, to include hedge funds, insurers, and pension firms. Companies must now report such incidents to the regulator and share this information with prospective future employers.
Why it matters
These new regulations aim to prevent 'rolling bad apples' in the financial sector by ensuring that individuals with a history of misconduct cannot easily move between firms.
From next month companies must report bad behaviour – including racism, sexual harassment and violence – to any possible future employer./Getty From next month companies must report bad behaviour – including racism, sexual harassment and violence – to any possible future employer./Getty Financial Conduct Authority City firms race to prepare for FCA crackdown on bullying and harassment Rules will require hedge funds, insurers and pension firms to report all non-financial wrongdoing
Prefer the Guardian on Google The City’s largest hedge funds, insurers and pension funds are racing to prepare for sweeping rules that will stop nearly 40,000 companies from hiding bullying and harassment cases from the financial watchdog.
From the start of next month, the Financial Conduct Authority (FCA) will expand a crackdown on bad behaviour in the banking industry to a wider group of City investment firms and brokers.
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