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Challenges to the FCA's Fight Against Misconduct

Challenges to the FCA's Fight Against Misconduct

by Starling Insights

Starling Insights Editorial Board

Dec 27, 2023


In September, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposed a new Diversity & Inclusion regulatory framework. A key aspect of the reforms is integrating non-financial misconduct — including that which occurs outside of the workplace — into staff fitness and propriety assessments, conduct rules, and suitability criteria for firms. However, as reported by FT Adviser, some have questioned whether the regulators have legal authority concerning behavior outside of work.

The regulators have argued that some instances of non-financial misconduct are so severe that confidence in regulatory standards would be undermined if they did not take action. "Our proposals can play a further role in upholding market integrity by enhancing public confidence in the financial sector," the FCA wrote in the proposal. "Reducing non-financial misconduct should further enhance the reputation of UK financial services and increase consumer and market confidence in the sector."

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