The Financial Conduct Authority has been rocked by a sharp rise in the number of staff making accusations of bullying and harassment at the powerful UK watchdog, raising questions over the FCA’s ability to stamp out misconduct in the City.

Figures obtained by Financial News via a freedom of information request show employees brought 14 cases of bullying and harassment against the FCA last year, up from just four in 2017. All the incidents were investigated by the regulator, two people were fired and three were subject to disciplinary proceedings as a result.