|Market Research A to Z | Company Profiles A to Z | Register | Contact Us | Shopping Basket|
|+44 (0) 203 086 8600 Call us on|
Dismissals and suspensions in the UK financial services sector hit a five-year high in 2012, according to data from the Financial Services Authority.
A total of approximately 1,373 workers were sacked for disciplinary reasons last year, up 76% from 2011. Whilst the total number of job losses in the sector - including redundancies, resignations and retirements - was also at a five-year high, of 177,697.
The rise in number of staff dismissed from 778 to 1373 in a twelve month period suggests that the threat of enforcement and reputational damage associated with rogue traders are clearly having an impact.
"The FSA has increasingly shown that it is cracking down on financial crime and market abuse. Financial services firms are operating under increased scrutiny and as a result employers are imposing industry rules more strictly," said Helen Farr, a London-based partner at Pinsent Masons.
Banks worldwide are shedding jobs as stricter regulations and euro zone worries take their toll on trading income and investment banking operations.
Last year also saw a string of bank scandals, including mis-selling of financial products and the manipulation of global benchmark interest rates, as well as the prosecution of former UBS trader Kweku Adoboli for the biggest fraud in British history, which cost the Swiss bank $2.3 billion.
For more information on the UK financial services sector, see the latest research: UK Financial Services Sector
Follow us on Twitter @CandMResearch
Free Research Support: Let us do the work for you and find information from public and private sources of information. Contact us now and we can save you time and money.......Free Research Support
Use our skills and global network of researchers and consultants to help find and source the business information you need.
Contact us now on 00 44 (0) 203 0868600 or "enquiries @ companiesandmarkets.com" to discuss you requirements and we can provide you with a research solution at suprisingly efficient rates and timelines.
Sometimes we can even find the information you require for free.
We are offering our clients substantial savings on the best research available during May. Please contact us either via email or by calling our team to discuss your specific research needs on Tel: 00 44 (0) 203 0868600.