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ARTICLE · 18 DECEMBER 2025

Non-financial Misconduct Under The Spotlight: FCA Issues Guidance

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The Financial Conduct Authority has published guidance on addressing non-financial misconduct in financial services through Policy Statement PS25/23.

United KingdomEmployment and HR
Emily Genest
Emily Genest
Eve Gatenby
Eve Gatenby
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The Financial Conduct Authority has published guidance on addressing non-financial misconduct in financial services through Policy Statement PS25/23.

In July 2025, the Financial Conduct Authority (the 'FCA') introduced a new rule on non-financial misconduct ('NFM'), confirming that serious misconduct such as bullying, harassment, and violence is a matter of regulatory concern. The FCA hopes the changes will empower firms to act against serious misconduct, promote consistency, raise behavioural standards across the industry, and clarify when NFM constitutes a breach of the rules.

Following the rule change, the FCA consulted on whether additional guidance was needed. Feedback was overwhelmingly positive, with 95% of respondents requesting further clarification. This guidance, now published as PS25/23, explains how firms should apply the rules and what factors to consider when assessing whether an individual is fit and proper for their role.

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