THE CHALLENGE OF ADDRESSING NON-FINANCIAL MISCONDUCT IN UK REGULATED FIRMS

A post on the Compliance & Enforcement Blog from the Program on Corporate Compliance and Enforcement from the School of Law at the New York University says that many UK regulated firms will be currently (re-)assessing staff as fit and proper and training staff on the FCA (or the Prudential Regulation Authority) Conduct Rules. The FCA has recently banned 3 individuals from working in the financial services industry for non-financial misconduct outside the workplace. The enforcement actions are, therefore, a timely reminder for regulated firms that the FCA has indicated it will bring an increased focus on how firms deal with non-financial misconduct by employees, both within and outside of the workplace.  It says that it is clear that there is increasing regulatory focus on how regulated firms deal with non-financial misconduct and that failure to tackle such issues appropriately can be taken by the FCA as an indicator of poor culture. Firms would be advised to undertake an assessment as to how they in practice deal, or would deal, with instances of non-financial misconduct by staff. It offers practical steps as examples of matters that firms should consider to ensure that they meet regulatory expectations in this area.

https://wp.nyu.edu/compliance_enforcement/2020/11/25/the-challenge-of-addressing-non-financial-misconduct-in-uk-regulated-firms/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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