'No intention' of retrospective action in FCA's proposed non-financial misconduct rules

Enhanced ‘fit and proper’ test

The Financial Conduct Authority’s consultation paper looking to codify that non-financial misconduct will amount to misconduct and lead to penalties will likely not apply retrospectively.

Lawyers shared consensus on the matter, as they told Investment Week it is the norm that FCA rules, once passed, cannot be applied retroactively. 'Long-awaited' reform of non-financial misconduct represents a 'big shift' for FCA This is likely to mean that cases such as the one involving Crispin Odey will be subject to the rules applicable at the time, rather than the enhanced non-sexual misconduct ones, set to be introduced in 2024. Alison McHaffie, financial services partner with law firm CMS, noted there is "no intention" for a retrospective aspect in the proposals and they will...