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ARTICLE · 11 JULY 2025

New FCA Rules On Non-Financial Misconduct

WilmerHale
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Last week, the FCA published its long-awaited policy statement containing amendments to the FCA's Code of Conduct ("COCON") aimed at combatting non-financial misconduct ("NFM").

United StatesFinance and Banking
Michelle Nicole Diamond
Michelle Nicole Diamond
Lloyd Firth
Lloyd Firth
Imogen Makin
Imogen Makin
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Last week, the FCA published its long-awaited policy statement containing amendments to the FCA's Code of Conduct ("COCON") aimed at combatting non-financial misconduct ("NFM"). NFM can amount to a breach of FCA rules in any firm. However, it more commonly breaches COCON in a bank rather than a non-bank. The amendments to the rules announced last week will apply to non-banks, the aim being to align the approach to NFM across financial services in the UK. The amendments will come into force on 1 September 2026 and guidance is still being consulted on. The FCA aims to set out its final regulatory position by the end of 2025.

The FCA's policy statement on non-financial misconduct was finally published on 2 July 2025, nearly two years after publication of the original consultation. As the Treasury Select Committee stated in 2024, "it is shocking to hear how prevalent sexual harassment and bullying, up to and including serious sexual assault and rape, still are in

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