Firms Should Focus On Preventing Toxic Behavior, FCA Says
Law360, London (June 11, 2019, 3:15 PM BST) -- The Financial Conduct Authority said it expects banks and insurers that it oversees to crack down on “toxic” behavior, including bullying and sexual misconduct, that leads to an unhealthy culture in their offices.
Nausicaa Delfas, an executive director at the FCA, said Monday that nonfinancial misconduct and personal misbehavior by staff at financial services companies has been an “emerging theme” for the City watchdog over the past year.
Delfas urged managers to focus on cutting bullying and sexual discrimination at their firms in order to change their workforce’s mindset and encourage diversity in the financial sector.
“Nonfinancial misconduct, such as serious...
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