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ARTICLE · 18 DECEMBER 2023

Not So 'Plain And Simple': The New Draft FCA Rules For Non-Financial Misconduct

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In 2018, the UK's Financial Conduct Authority ("FCA") stated publicly that "non-financial misconduct is misconduct, plain and simple", emphasising their view that the Conduct Rules applicable...

United KingdomFinance and Banking
Christopher Fisher
Christopher Fisher
Chris Chapman
Chris Chapman
Musonda Kapotwe
Musonda Kapotwe
Ruth Neligan
Ruth Neligan
Justin Brandt-Sarif
Justin Brandt-Sarif
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In 2018, the UK's Financial Conduct Authority ("FCA") stated publicly that "non-financial misconduct is misconduct, plain and simple", emphasising their view that the Conduct Rules applicable to most employees within regulated firms did not require amendment to bring behaviours such as bullying and harassment within their scope. Five years on, the FCA is proposing to amend the Conduct Rules to include explicitly such behaviour.

The FCA, together with the Prudential Regulation Authority ("PRA"), have recently published consultation papers on diversity and inclusion in the financial sector. The regulators' draft proposals, which are currently being consulted upon by industry stakeholders and which would be expected to come into force in 2025, include requirements on firms (dependent on their size and scope) to develop and publish diversity strategies, to monitor and report on staff demographics and to set diversity targets (see our prior update for a

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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