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FCA completes the puzzle and finalizes guidance on non-financial misconduct

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Jean Hurley

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Moving from soft culture to hard rules, the FCA explicitly categorizes serious NFM as a breach of regulatory conduct standards.

​On December 12, 2025, the FCA published its long-awaited final guidance, Policy Statement PS25/23: Tackling non-financial misconduct in financial services. ​This marks a definitive pivot in financial regulation. The era of viewing culture, bullying, and harassment solely as “HR issues” is officially over. The new rules explicitly categorize serious non-financial misconduct

​The

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