Last week, the UK's Financial Conduct Authority (FCA) announced that it was expanding its non-financial misconduct rules and extending them beyond banks to around 37,000 other financial services firms starting in September 2026.
Through the new rules, the FCA hopes to address the problem of "rolling bad apples," whereby individuals escape accountability for misconduct by moving between employers. In this direction, the FCA will require firms to report serious, substantiated cases of bullying, harassment, and other misconduct through regulatory references, in much the same way as financial misconduct is currently reported. These references would then be provided to future prospective employers.
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