A quarter fail to respond to FCA harassment survey

A quarter of firms have missed the deadline to respond to a survey on sexual harassment and bullying commissioned by the Financial Services Authority, according to a Freedom of Information request submitted by Bloomberg.

The regulator launched the inquiry earlier this year after numerous employers in the sector had dealt with complaints about sexual harassment and inappropriate conduct.

It followed the Treasury Committee’s Sexism in the City inquiry, which held its final session in January this year.

The FCA sent out requests to banks, brokers and insurers in February asking for figures on the number of harassment incidents reported, details of how whistleblowers can report such incidents, and companies’ use of non-disclosure agreements.

According to the FOI request submitted by financial website Bloomberg, the FCA sent out requests to just over 1,000 companies, with 261 failing to respond in time, and 36 requesting extensions.

Completing the survey is mandatory, with the FCA including a legal notice within the request that it could impose financial penalties or search company premises if firms fail to comply.

The FCA told Bloomberg in a separate statement that 96% of the surveyed firms responded.

A string of high-profile scandals at companies such as Odey Asset Management, where founder Crispin Odey was accused of sexual misconduct against junior women at the firm, and the CBI, have prompted calls for more scrutiny around workplace culture in the City.

Firms are also preparing for the introduction of new legislation – the Worker Protection Act – this year. This places a duty on organisations to protect employees against third-party sexual harassment.

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