Squire Patton Boggs urges firms to prepare for FCA non-financial misconduct rules
From September, all firms regulated by the senior managers and certification regime must take steps to prevent bullying, harassment or violence among employees if it is work related.
Squire Patton Boggs (UK) has urged firms to get ready for new rules on non-financial misconduct coming in from September.
The Financial Conduct Authority’s (FCA) new rules mean non-bank institutions need to stop unwanted conduct at work, even if it has nothing to do with regulated activities.
From September, all firms regulated by the senior managers and certification regime must take steps to prevent bullying, harassment or violence among employees if it is work related.
The FCA has set out guidance in PS25/23 to help firms understand what they need to do.
The new COCON 1.1.7FR rule means employees in non-banks must not carry out non-financial misconduct in their duties, and not just in regulated activities.
HR, legal and compliance teams in non-banks must check if conduct meets the new threshold.
Additionally, firms will be expected to investigate misconduct if they think criteria are met, but only report to the FCA if formal disciplinary action is needed.
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