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ARTICLE · 07 NOVEMBER 2024

Non-Financial Misconduct: The FCA Is Using Data To Drive Change

Ropes & Gray LLP
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The FCA continues to beat the drum on non-financial misconduct (NFM), which includes bullying, discrimination, and sexual harassment or other misconduct.

United StatesEmployment and HR
Sarah Lambert-Porter
Sarah Lambert-Porter
Amanda Raad
Amanda Raad
Eve Ellis
Eve Ellis
Nitish Upadhyaya
Nitish Upadhyaya
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The FCA continues to beat the drum on non-financial misconduct (NFM), which includes bullying, discrimination, and sexual harassment or other misconduct. Earlier this month we highlighted the FCA's plans to release new measures to bring NFM within its regulatory framework by the end of the year, which will enable it to investigate and take enforcement action against individuals and firms in relation to NFM.

To inform its approach to the above, the FCA launched its first ever NFM data collection exercise in February 2024 – it compelled 1,028 regulated firms (184 investment banks, 217 commercial insurers, 349 insurance intermediaries, and 288 wholesale brokers) to provide information about NFM-related incidents' detection and outcomes (including employment hearings and the use of NDAs), as well as data about the locations and circumstances in which NFM-related incidents have occurred.

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