News & Current Affairs

UK's FCA Launch New Rules Protecting Women From Workplace Abuse

By Azeezat Okunlola | Sep 25, 2023
The Financial Conduct Authority (FCA) of the United Kingdom is taking a stand against workplace misconduct in the finance industry, concentrating on making it a safer place for women.
The City regulator has released a new consultation paper outlining plans to strengthen its 'fit and proper persons' test, which it intends to apply not only to wrongdoers but also to regulated firms that may not have adequately punished offenders in the past.
Concerns were raised about the FCA's supervision of the disgraced asset manager and his firm following multiple sexual harassment allegations in the City of London, including allegations against hedge fund tycoon Crispin Odey, prompting the FCA to make changes.
New support aims to include guidelines on how individuals working in the City can be removed from the industry if they fail to meet the FCA's 'fit and proper' test, even for non-financial misconduct offenses, which is likely to be prompted by the proposed rule changes.
In order to operate legally, many individuals and businesses in the financial services industry need to obtain FCA authorization.
In an interview with the Sunday Telegraph, FCA CEO Nikhil Rathi said, "Financial services workplaces need to be safe places for women."
“Companies that do not have an environment where serious issues like that are dealt with and addressed are unlikely to be companies that have an environment which is healthy from a risk management perspective. We want to make sure that we are proactive around that.”