The Financial Conduct Authority (FCA) has formally dismissed 12 members of staff over misconduct allegations, according to official figures.
The data, revealed via the Freedom of Information (FOI) Act, shows that a total of 38 members of staff faced disciplinary proceedings over the last three calendar years.
In addition to the 12 sackings, a further 26 members of staff were issued with written warnings, with 16 of these being first written warnings and 10 being final written warnings.
In July this year, the FCA announced a consultation on new rules for tackling non-financial misconduct (NFM) across the financial services industry.
The policy is to align the conduct rules in banks and non-banks for cases of serious NFM, such as bullying, harassment and violence, declaring such practices are a matter of regulatory concern.
In the foreword to the consultation paper, Sarah Pritchard, deputy chief executive of the FCA, stated: 鈥淔ailure to tackle toxic behaviours drives away good people, prevents staff from speaking up and undermines performance. It damages growth and enables financial misconduct.
鈥淭here is an important role for regulators to play in tackling these issues.
鈥淭his includes making sure that steps are taken to prevent 鈥榬olling bad apples鈥� 鈥� people moving from firm to firm without appropriate action being taken or without past serious non-financial misconduct being disclosed.鈥�
Jason Kurtz, CEO of FinTech Basware, added: 鈥淥rganisations tasked with upholding industry standards cannot afford to compromise when it comes to dealing with incidents of misconduct.
鈥淲ith rising levels of financial crime, fraud and risks, enforcing the highest standards of compliance is now a top priority, for watchdogs and businesses alike.鈥�