The Financial Conduct Authority and Prudential Regulation Authority have unveiled a consultation paper today (25 September), aiming to toughen their fitness and propriety framework and crack down on non-financial misconduct cases.
As part of their work on diversity and inclusion in financial services, the regulators have proposed the introduction of further rules and guidance to highlight that non-financial misconduct - which will include bullying and sexual harassment - "poses a risk to healthy firm culture". FCA criticised over 'unhelpful' approach to non-financial misconduct cases "This guidance will help ensure firms can take decisive and appropriate action against employees for such behaviour," they explained. Under the proposals, non-financial misconduct will be treated as ‘misconduct' rather than have...
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