A team of employment lawyers explain how the extension of the FCA’s workplace misconduct rules will impact the 37,000 firms that come under its scope
Earlier this month, the Financial Conduct Authority (FCA) published its consultation paper and policy statement on tackling non-financial misconduct in the financial services sector. The policy expands the scope of its bullying and harassment rules to non-banks, which represents around 37,000 additional firms, from 1 September 2026.
The aim is to align the rules for banks and non-banks for cases of serious non-financial misconduct, to drive consistency of approach and enable robust action.
In response to feedback, the FCA has revised the non-financial misconduct rules to align more closely with employment law – in particular the Equality Act 2010 – and cover a wider range of workplace misconduct, rather than limiting it to conduct relating to a ‘relevant protected characteristic’.
The consultation paper sets out proposals for potential new handbook guidance in the code of conduct and the fit and proper test for employees and senior personnel.
The draft guidance reduces the risk of unfair outcomes by more clearly aligning the code of conduct with employment law and emphasises that it is always necessary to take account of all the circumstances of the case.
Guidance has also been added on the need to consider both subjective and objective factors in cases of non-financial misconduct, particularly two...
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