The Financial Conduct Authority, FCA, has dismissed staff members following confirmed cases of misconduct, according to figures released under the Freedom of Information Act.
Disciplinary Actions Revealed by FOI Request
Figures show that 12 employees were formally dismissed for misconduct during a three-year period. In the same timeframe, 38 staff members faced disciplinary proceedings, with outcomes ranging from first written warnings to final warnings for more serious breaches.
Non-Financial Misconduct Under the Spotlight
The FCA has recently turned its attention to addressing non-financial misconduct within the wider industry. This includes tackling behaviours such as bullying, harassment, and intimidation, which are increasingly being recognised as regulatory concerns. GOV.UK has a guide on workplace bullying and harassment, with steps that organisations can take to protect employee wellbeing.
Industry and Regulatory Perspective
Leaders within the FCA have emphasised that toxic workplace behaviours undermine staff morale, discourage people from raising concerns, and can ultimately enable financial wrongdoing. Industry commentators agree that regulators must set the standard by applying the same expectations to their own staff as they do to firms they oversee. Many organisations also turn to FCA compliance consultants, like adempi.co.uk/, to help ensure their policies and practices meet the regulator’s requirements.
Wider Implications for Governance
The recent dismissals highlight that no organisation is entirely free from the risk of misconduct. For the FCA, enforcing strict internal standards reflects the growing importance of accountability across regulated industries.
The FCA’s decision to dismiss staff for misconduct reinforces the principle that accountability must apply equally to regulators and the firms they supervise.