The Financial Conduct Authority has published the findings from its culture and non-financial misconduct survey, which details incidents of non-financial misconduct in 2021, 2022 and 2023. Incidents at both London Market intermediaries and London Market insurers more than doubled during these three years.

In 2021, London Market insurers reported 102 incidents. In 2023, that had jumped to 239. In 2021, London Market intermediaries reported 89 incidents. In 2023, the number was 246.

Matthew Hill (pictured), chief executive of the CII, said: “The FCA’s survey results make for uncomfortable reading, but equally highlight an opportunity for our professions to make a real difference.

“The CII supports what the regulator is seeking to achieve, professions in which everyone can thrive, regardless of their background, and workplaces that are conducive to professional success by eliminating conduct and behaviours that can stifle, harm and obstruct careers.

“For our part, we will be writing to all our members to remind them of their need to comply with our Code of Ethics, which speaks directly to the outcomes the FCA is seeking to achieve.”

Sheila Cameron, CEO of the Lloyd’s Market Association, added: “The LMA supports the constructive work of the FCA on its recent culture and non-financial misconduct survey, which is a valuable snapshot of how financial service companies are dealing with critical issues around culture, diversity, equity and inclusion.

“We will now take time to study the detailed recommendations of the report while we look to support the FCA in continuing to deliver cultural change in our market.”