Clifford Chance

FCA final rules on non-financial misconduct in the financial services sector

3 July 2025

The FCA published on 2 July 2025 its much-anticipated approach in relation to non-financial misconduct consisting of: (1) a Policy Statement amending its Code of Conduct ("COCON") sourcebook to set out new rules for non-financial misconduct ("NFM") in the Financial Sector ("NFM Rules") (aimed at aligning non-banking firms with the scope of certain NFM that applies to banking firms): (2) a fresh consultation on possible accompanying guidance (CP25/18 ) to support all firms in applying rules in COCON and FIT consistently, in so far as they relate to NFM. The NFM Rules will apply from 1 September 2026. The FCA is consulting until 10 September 2025 on whether to proceed with the guidance.

The FCA focus in its approach is on bullying, harassment and violence – where it is sufficiently serious to be in the regulatory perimeter. The NFM Rules are part of the FCA's 2025 to 2030 strategy that aims to raise standards, increase accountability and build trust in financial services.  

This Briefing explores the NFM Rules and the draft guidance, highlights what has changed since the original consultation, outlines consultation proposals not taken forward and suggests preparatory steps that in-scope firms should consider taking.

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