Freed directly called out the silence from men working in the industry, stating that they also have a duty to speak up when they suspect misconduct, in order to ensure that this burden is not solely placed on victims.
This culture of fear-induced silence is impeding change, as it masks the severity of the issues that women face, and therefore furthers the polarisation of male and female perceptions of the workplace.
Additionally, the inherent power imbalances, as well as a lack of transparency, are impeding both the investigative and disciplinary procedures in cases of misconduct.
Erring on the side of caution was found to be a common approach taken by City firms when dealing with harassment, and these instances often end up with the victims choosing to leave the firm, rather than the perpetrator being removed.
Morrissey suggested that we may be at a point where independent investigations are required, in order to eradicate the fear factor and restore confidence in reporting mechanisms.
What will happen next?
The FCA is asking for feedback on their consultation paper by mid-December this year. The regulatory body will then review the suggestions, and subsequently develop a policy statement, outlining key regulatory requirements to be implemented in the New Year.
In addition to the regulatory body’s consultation, there have also been advancements on the legislative front. The recently passed worker protection bill establishes a preventative duty for employers, requiring them to take proactive steps to prevent instances of misconduct in the workplace.
Non-compliance with the new legislation could see more firms facing civil action negligence for failing to protect their employees.
This has been accepted as a landmark change for the creation of safer working environments for women, and will hopefully diminish the culture of silence that currently exists within the City.
It is hoped that, in light of the pending implementation of the worker protection bill, as well as the feedback on the consultation paper, the FCA will release guidance with clear examples of punishable misconduct, as well as specific guidelines for investigative and disciplinary procedures that should be followed by the regulated firms when tackling allegations of bullying and harassment.
With the solid preventative approach taken by the new legislation, it is essential that the FCA steps up to ensure that they play their part in enforcing the equally important reactive approach to tackling bullying and harassment in the workplace.
Thomas Beale is a partner and head of workplace bullying and harassment at Bolt Burdon Kemp
