FCA publishes final guidance on non-financial misconduct in financial services

FCA publishes final guidance on non-financial misconduct in financial services

On 12 December 2025, the Financial Conduct Authority (FCA) published its final guidance on non‑financial misconduct (NFM) in financial services in Policy Statement PS25/23. In summary, the FCA is:(i) amending its Code of Conduct (COCON) sourcebook to explain how NFM can be a breach of the conduct rules and make it easier for SMCR firms to interpret and consistently apply the rules; and(ii) explaining how NFM forms part of the Fit and Proper test…

New Guidance on Non-Financial Misconduct: FCA Confirms Position

The FCA will be introducing new guidance to help firms deal with instances of non-financial misconduct.By Nicola Higgs, Andrea Monks, Rob Moulton, Nell Perks, Becky Critchley, Charlie Bowden, and Charlotte CollinsKey Points: The FCA has confirmed new guidance that explains how non-financial misconduct can be a breach of the Conduct Rules, and how it forms part of the Fit and Proper test. The guidance will take effect on 1 September 2026 and is d…