'Long-awaited' reform of non-financial misconduct represents a 'big shift' for FCA

Some concerns remain

The publication of a consultation paper from the Financial Conduct Authority and Prudential Regulation Authority aiming to reform their approach to non-financial misconduct has received praise from the legal and financial services industries.

The reforms have been in the works since 2021, when the FCA first revealed it was going to release rules and guidance on the matter, but lawyers had lamented a lack of support two years on, especially following the sexual misconduct allegations against Crispin Odey. FCA and PRA eye stricter rules for non-financial misconduct Claire Cross, partner at Corker Binning and a former senior lawyer in the FCA's enforcement division, said there had been "surprisingly little guidance" from the FCA, despite "repeated rhetoric" that harassment and bullying would amount to a breach of conduct rule...