Financial institutions in the UK are subject to specific regulations regarding workplace harassment, particularly under the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) guidelines. These regulations require financial institutions to maintain a workplace that upholds high standards of conduct and integrity, which includes preventing and addressing harassment.
The FCA and PRA expect firms to have robust policies and procedures in place to handle complaints of harassment and to foster a culture of respect and inclusivity. Failure to comply with these expectations can result in regulatory actions, including fines or restrictions on the firm’s operations.
Under the Equality Act 2010, financial institutions must ensure that their practices align with the Senior Managers and Certification Regime (SM&CR), which holds senior managers accountable for the conduct within their firms. This includes ensuring that harassment is not tolerated and that employees feel safe to report concerns.