Diversity Project chair Helena Morrissey (pictured) said the FCA’s rules around individual conduct are 'very broad' and firms apply them 'inconsistently' and do not specify anything regarding personal conduct.
In its response to the Treasury Committee's call for evidence as part of its Sexism in the City inquiry, launched in July, the charity set out the issues it believes need addressing, as well as potential solutions to overcome sexism in the City.
Through its Safe Space initiative, launched as a direct response to the recent CBI and Crispin Odey scandals, chair Helena Morrissey said the Diversity Project found there is anxiety about speaking up, with victims fearing they will «wreck their career».
Treasury Committee launches inquiry into sexism in financial services
Even when a complaint is upheld, she said the sanctions often «err on the side of leniency», so «bad apples [are] put back in the system and there is no deterrent for others».
Morrissey argued the regulators have a role to play in helping address these issues, noting the FCA's rules around individual conduct are «very broad» and firms apply them «inconsistently» and do not specify anything regarding personal conduct.
«The Diversity Project is asking the regulators to give examples of where poor behaviours should be reported and reflected. We hope that this parliamentary review will lead to decisive steps,» she added.
The charity is urging the FCA to share examples around what is expected if a certified person has been subject to a disciplinary hearing and the complaint is upheld, and to include implications for regulatory references and the Fit and Proper test.
FCA criticised over 'unhelpful' approach to non-financial misconduct cases
As part of the
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