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FCA expands bullying and harassment reporting rules to City firms
The rules begin next month and require hedge funds, insurers and pension firms to report serious non-financial misconduct, including racism and sexual harassment, and to pass information to a future employer.
UK Financial Conduct Authority rules due to take effect next month will expand a crackdown on bullying and harassment beyond the banking sector to a wider set of City investment firms and brokers, according to the Guardian Business.
Under the new requirements, regulated firms are expected to report serious cases of non-financial misconduct to the regulator, including racism, sexual harassment, violence, and intimidation.
The Guardian Business reports firms will also have to pass on reports of bad behaviour to a manager’s prospective future employer, a measure intended to prevent “rolling bad apples,” where rogue bosses move on without consequences.
Ahead of the September start date mentioned in the story, the outlet says experts expect hedge funds, investment managers, insurers, and brokers to train staff and close internal investigations so they are ready for the expanded regime, with Jill Lorimer of Kingsley Napley warning that the FCA will likely look for cases and that firms should take the changes seriously.