Ex-Broctagon Singapore Employee Alleges Workplace Bullying as FCA Reports 72% Surge in Misconduct across Industry

Whistleblower Accuses Broctagon of Workplace Bullying, Nationality-based Discrimination, and Wage Fraud

At the end of November, Fazzaco's Whistleblower e-mail inbox received a grievance from a former employee of Broctagon, a Singapore-based fintech. The whistleblower, who requested anonymity, alleged that during her time at Broctagon, she has been treated unfairly including workplace bullying, nationality-based discrimination, wage fraud, and having her clientele taken away by the company.

Upon receiving the letter, we immediately reached out to her. At her request, communication was conducted via phone calls rather than email or instant messaging.

The call history with the Whistleblower

The whistleblower shared her story over the phone. A native of mainland China, she explained that in 2023, while traveling in Singapore, she was introduced to an opportunity at Broctagon as a sales director. After changing her visa type, she joined the company in May of the same year. However, within three months, she chose to resign, citing discrimination by local staff and a significant discrepancy between her promised and actual income.

Whistleblower's allegations against Broctagon on a social post

"They lured me to Singapore under the title of sales director, but what I actually received was just an ordinary sales salary of a few thousand (per month)," she said during the call. She further revealed that while Broctagon's HR team ensured the official contract listed her position as a regular sales role - leaving no legal loopholes on paper - she was also required to sign a supplementary agreement. This document outlined managerial responsibilities, such as achieving a quadruple net profit target within three months, while her salary remained tied to the lower-tier sales role.

"This is a blatant violation of Singapore's Ministry of Manpower (MoM) regulations regarding the wages of foreign employees," she added. She expressed willingness to share the supplementary agreement she signed with Broctagon, but as of the time of publication, we had not received the document.

FCA Report: Non-Financial Misconduct in Financial Firms Surges by 72%

While the whistleblower's specific allegations against Broctagon remain unverified, similar incidents are far from rare in the financial sector. In October, the UK's Financial Conduct Authority (FCA) released a report on non-financial misconduct, based on a survey of 1,028 financial services firms under its supervision (with 984 responses, a 96% response rate). The study examined documented cases of misconduct between 2021 and 2023.

The data revealed a sharp 72% increase in incidents across banks, insurance companies, and brokerages - from 1,363 cases in 2021 to 2,347 in 2023. The most prevalent issues were bullying and harassment (26%) and discrimination (23%), while "other" forms of misconduct accounted for 41%.

The "other" category encompassed behaviors such as workplace intoxication and associated misconduct, offensive language (both verbal and electronic), and retaliation against employees who raised complaints.

"After I left, I secured an offer from another brokerage, but Broctagon lodged a complaint against me, which affected my subsequent employment," the whistleblower shared, describing the challenges she faced post-resignation. "Later, I developed health issues, including verified lung conditions, and I am currently recovering at home."

The whistleblower's account, combined with the FCA's findings, highlights the growing prevalence of non-financial misconduct in the industry, underscoring the urgent need for attention and action.

Governance Gap: Silence Enables Misconduct, Worsening Industry Conditions

The FCA report further pinpointed a root cause: nearly 40% of financial firms lack formal governance structures or committees to address non-financial misconduct. This suggests that the over 2,000 incidents recorded by the FCA, including the workplace bullying alleged against Broctagon Singapore, may be just the tip of the iceberg.

Even more concerning is the lack of accountability for violators. According to the FCA, professionals with documented misconduct on their employment references were still rehired, albeit in fewer numbers - from 10 cases in 2021 to five in 2023.

Next Steps: Continued Investigation and Follow-Up

Returning to the Broctagon case, Fazzaco is currently unable to confirm whether the alleged misconduct occurred, as the whistleblower, citing personal safety concerns, has not provided further evidence. Nevertheless, we appreciate her courage in sharing her experience, offering a fresh perspective on the industry's challenges.

This case serves as a critical reminder of the importance of safeguarding financial professionals. Fazzaco will remain in contact with the whistleblower and will conduct further investigations and reporting, pending additional corroborative materials and her consent.