The Chartered Insurance Institute has called for greater public reporting of non-financial misconduct complaints, processes and outcomes across financial services, arguing that transparency could strengthen accountability and help drive cultural change.

In a new report, the professional body says regulation and guidance alone are unlikely to address workplace behaviours such as bullying, harassment and discrimination. The findings follow a roundtable involving regulators, compliance specialists, employment lawyers and behavioural scientists examining why misconduct persists and how it can be tackled.

Participants agreed that behavioural and cultural factors including in-group bias, the normalisation of misconduct and the suppression of reporting can allow poor conduct to continue despite existing rules.

The report also highlights concerns that fears of reputational damage may discourage firms from taking action, and says organisations need stronger internal capability to make consistent judgements on misconduct cases. It adds that smaller firms may require targeted support to address the challenges of more limited resources and structures.

Matthew Hill, chief executive of the CII, said: “Behaviours such as bullying, harassment and discrimination damage careers, confidence and wellbeing, sometimes irreparably. When this behaviour goes unchecked, it also weakens organisational culture, damages firms’ reputations and undermines trust in the market.”

Vanessa Riboloni, head of research at the CII, said research reveals the mechanisms that allow misconduct to take root are often the same mechanisms that silence those who witness or experience it. “These dynamics interact with organisational choices,” she added. “A flawed individual in a well-run firm lacks the opportunity to act; a permissive culture can draw misconduct from people who might not otherwise offend. The encouraging part is that these mechanisms can be disrupted, and because the same dynamics drive both the misconduct and the silence around it, tackling them may improve prevention and reporting at the same time.”

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