The number of whistle-blower reports made to the Financial Conduct Authority regarding sexual harassment more than tripled in the past year from three in 2020-21 to 10* in 2021-22, says Fox & Partners, the employment and partnership law specialists.
The increase comes as employees are spending more time in the office (following the end of social distancing) and socialising with colleagues outside of working hours. Traditionally, sexual harassment allegations have been associated with social events, such as Summer or Christmas parties, where alcohol is often consumed.
Fox & Partners says the fact that sexual harassment reports are beginning to rise again highlights the importance for financial services firms of having appropriate systems and controls in place. Not only will these help to minimise the risk of sexual harassment occurring in the first place but will also ensure any complaints are dealt with promptly, properly, and thoroughly.
The FCA has taken an increasingly hard-line approach to sexual harassment, including using the Senior Managers and Certification Regime (SMCR) to hold individuals to account. Behaviour such as sexual harassment is considered when assessing whether managers are deemed ‘fit and proper’ to do their jobs. Serious breaches of conduct may result in fines or even a ban from working in financial services. This approach from the regulator may also encourage employees to feel confident in speaking up where they are subject to or witness...
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