Regulation Tomorrow Podcast | Claim token: 88161000-eb00-11f0-90b1-918c2901f3c9 Global Regulation Tomorrow Plus: Non-Financial Misconduct: New rules & guidance from the FCA’s Consultation Paper 25/18
Jul 15, 2025
Katie Stephen, a financial services lawyer from Norton Rose Fulbright, dives into the FCA’s updated Conduct Rules that now extend to non-banking sectors. She discusses the evolving workplace culture and compliance challenges firms will face. Significant topics include the delineation between public and private behavior, particularly around social media, and the intricate balance between employment law and financial regulations. Katie highlights crucial next steps for firms to align with these new guidelines while managing misconduct effectively.
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FCA Expands Conduct Rules
- The FCA is expanding Conduct Rules to non-banks to cover certain non-financial misconduct starting in 2026.
- New guidance aims to assist firms in applying conduct codes and fitness assessments for non-financial misconduct.
New Harassment Rule Lifts Restrictions
- Previously, non-financial misconduct rules for non-banks only applied to conduct related to regulated financial activities.
- New rules lift this for harassment and similar workplace misconduct between employees.
Broader Definition of Harassment
- Employment law requires harassment to relate to protected characteristics like race or sex.
- FCA's rule applies more broadly to all harassment, not limited to protected characteristics.