Regulatory Alerts2025-07-01
Added · Updated
PS25/23: Tackling non-financial misconduct in financial services
The Financial Conduct Authority amends the Code of Conduct (COCON) and Fit and Proper test (FIT) sourcebooks to provide guidance on non-financial misconduct (NFM), specifically bullying, harassment, and violence. The changes align the scope of COCON for non-banks with that of banks, ensuring work-related NFM is within scope if the individual responsible or subject works in the financial services part of the business. The guidance clarifies that managers are not expected to be held responsible for failing to stop NFM if they could not reasonably have known about it or lacked the authority to act. These amendments and guidance come into force on 1 September 2026.
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