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ARTICLE · 24 FEBRUARY 2024

FCA Survey Hones In On Non-Financial Misconduct

Ropes & Gray LLP
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In an effort to bolster transparency and accountability within the financial services sector, the Financial Conduct Authority (FCA) has begun an examination of non-financial misconduct (NFM) among regulated entities.

United StatesFinance and Banking
Amanda Raad
Amanda Raad
Eve Ellis
Eve Ellis
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In an effort to bolster transparency and accountability within the financial services sector, the Financial Conduct Authority (FCA) has begun an examination of non-financial misconduct (NFM) among regulated entities.

The survey has been sent to regulated Lloyd's managing agents, London market insurers (including protection and indemnity clubs), and insurance intermediaries, including managing general agents. This initiative comes out of the FCA's concerns surrounding the handling and prevention of NFM in the sector, as articulated in its September 2023 portfolio letter.

Although the survey has been directed at firms within the insurance sector, other firms, including asset managers should take note as it is another indication of the FCA's focus on NFM and culture within the industry.

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