Power Politics: Has the Financial Sector Changed?
BY CMP RESOLUTIONS
Complaints about personal misconduct in the financial sector fell by 11%. CMP Resolutions says that bullying and harassment in this sector traditionally prone to power politics is reported to be in sharp decline. But does that actually mean the city has changed? What does it take to create change in workplace culture?
Bullying and harassment in financial services, one of the sectors traditionally prone to power politics, is reported to be in sharp decline.
After warnings from the Financial Conduct Authority, the City watchdog, lawyers have pointed to a sudden fall in the number of whistleblower reports. Complaints about personal misconduct fell by 11% — down from 603 in 2020 to 537 in 2021.
The FCA has threatened to issue fines and even bans to senior managers found to be in breach of expected standards of behaviour. Similarly, managers who don’t deal with problems being raised by their line reports could face punishment.
In response, many financial services businesses have introduced mandatory training on bullying and harassment awareness, how to identify and call out inappropriate behaviours.