The UK’s Financial Conduct Authority (FCA) has officially dismissed 12 employees following allegations of misconduct, as revealed by data obtained through the Freedom of Information (FOI) Act.

According to the figures, a total of 38 staff members have faced disciplinary proceedings over the past three calendar years.

In addition to the 12 dismissals, 26 employees received written warnings, comprising 16 first written warnings and ten final written warnings.

FCA deputy chief executive Sarah Pritchard said: “Failure to tackle toxic behaviours drives away good people, prevents staff from speaking up and undermines performance. It damages growth and enables financial misconduct.

“There is an important role for regulators to play in tackling these issues. This includes making sure that steps are taken to prevent ‘rolling bad apples’ – people moving from firm to firm without appropriate action being taken or without past serious non-financial misconduct being disclosed.”

The report coincides with the FCA’s July initiative to consult on new regulations aimed at addressing non-financial misconduct (NFM) within the financial services industry.

The proposed framework intends to harmonise conduct standards for both banking and non-banking entities, particularly in relation to serious NFM issues such as bullying, harassment, and violence, which the FCA has classified as matters of regulatory significance.

Basware CEO Jason Kurtz 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.”

Basware provides financial technology solutions that give finance teams complete control over their invoices. Its Intelligent Invoice Lifecycle Management Platform ensures efficiency, compliance, and oversight for every invoice transaction.