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UK regulators to use Senior Managers Regime to combat sexual harassment

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UK regulators to use Senior Managers Regime to combat sexual harassment

The U.K. Financial Conduct Authority may employ the Senior Managers Regime to deal with cases of sexual harassment in the U.K. finance industry, the Financial Times reported, citing Megan Butler, the FCA's director of supervision.

"From our perspective, misconduct is misconduct, whether it is financial or non-financial," Butler told the U.K. House of Commons' Women and Equalities Committee.

She said tolerating sexual harassment in the workplace did not encourage a "safe-to-speak up environment, or an environment where the best business decisions get taken, or where the best risk decisions get taken."

The Senior Managers Regime is designed to hold executives responsible for failings at their companies. It came into effect two years ago and gives the FCA and the Bank of England sweeping powers to ban or fine the senior leadership of firms.

The FCA will examine whether people's bonuses have been cut or, in more serious cases, if they were fired, Butler said.

Over the past two years, the regulator's whistleblower's hotline received nine complaints related to allegations of sexual harassment, she added.

Butler also asked lawmakers to fast-track the process for the implementation of the Senior Managers Regime to the entire financial sector.