Deidre McCloskey has been going on about this for as long as I can remember. See for example the aptly titled : "The cult of statistical significance: How the standard error costs us jobs, justice and lives" http://www.press.umich.edu/script/press/186351
She has raised awareness of the issue in economics and financial economics, but obviously there is a long lag.
In finance practitioners are a motley bunch, with mixed backgrounds. Most are poor statisticians to begin with; then they are asked to compile management information in RAG, where they have to show that they know what they are talking about.