More than 5,000 employees from the financial services industry, including traders and brokers, have been dismissed since 2008, according to data obtained under the Freedom of Information Act.
The Financial Conduct Authority (FCA) released data in response to the request submitted by the Times, stating that between 2009 and 2013, 5,070 Form Cs had been submitted.
Form Cs are part of a mandatory reporting process for the financial services industry, which must be lodged when firms believe employees are unfit to work or when they dismiss or suspend any approved individual authorised to act on their behalf.
The figures, seen by Blue & Green Tomorrow, reveal that in 2009, 1,095 employees were dismissed or suspended. 2012 numbers were the highest over the period at 1,373, while in 2013, 939 people lost their jobs.
The figures suggest there has been a crackdown on bad practices within the financial services sector. In October, a report released by auditing firm EY said that UK regulators were offering “no let-up” and holding unruly firms to account.
During 2013, the FCA imposed a total of £472.3m in fines against more than 40 firms. This represents a 52% increase on the £311.6m worth of fines handed to firms in 2012.
Last month, HSBC announced it had suspended two foreign exchange traders over allegations that rates had been rigged. There are also plans by the government to introduce new legislation that would see bankers jailed for reckless conduct.
There was criminality in the City – but not one prosecution
‘Shocking and widespread malpractice’ should land bankers in jail, says commission
Big five’s banking monopoly at risk, with 2.4m closing accounts in 2012
Government announces criminal punishment for reckless bankers
Jailing bankers for misconduct not the solution, says Law Society
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