The Financial Conduct Authority has dismissed 12 members of staff over misconduct allegations, according to figures obtained under the Freedom of Information Act.

The data shows that in the past three years, 38 staff faced disciplinary action. Alongside the 12 dismissals, 26 employees received written warnings – 16 first warnings and 10 final warnings.

The regulator launched in July a consultation on new rules to tackle non-financial misconduct across financial services. The proposals aim to align conduct rules for banks and non-banks in cases such as bullying, harassment and violence, with the FCA stating these behaviours are a regulatory concern.

In the consultation foreword, Sarah Pritchard, deputy chief executive at the FCA, said that failure to tackle toxic behaviours drives away good people, prevents staff from speaking up and undermines performance.

Commenting on the findings, Jason Kurtz, chief executive at Basware, said: “Organisations tasked with upholding industry standards cannot afford to compromise when it comes to dealing with incidents of misconduct. With rising levels of financial crime, fraud and risks, enforcing the highest standards of compliance is now a top priority for watchdogs and businesses alike.”

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