City firms race to prepare for FCA crackdown on bullying and harassment
Summary
Starting next month, nearly 40,000 financial firms in London must report serious bullying and harassment cases to the Financial Conduct Authority (FCA). The rules aim to stop bad workers from moving between firms without facing consequences, and firms are preparing by updating policies and finishing investigations.Key Facts
- The FCA will extend rules to cover hedge funds, insurers, pension funds, investment managers, and brokers.
- Companies must report serious misconduct like racism, sexual harassment, violence, and intimidation to the regulator.
- Employers must share reports of bad behavior with a manager’s next potential employer.
- This aims to prevent “rolling bad apples,” or problem employees moving without penalty.
- Firms are updating policies, training staff, and completing internal investigations before the rules start in September.
- The rules apply to any company under the FCA’s senior managers and certification regime, which holds leaders accountable.
- Recent misconduct cases at Lloyd’s of London and Barclays have pushed the FCA to act more strongly.
- The FCA is involved in a court case to uphold a ban on hedge fund boss Crispin Odey, accused of serious harassment, which he denies.
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