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FCA guidance on non-financial misconduct: What firms need to know before September 2026

Leadenhall Market crowded with people - London
NFM can be “work-related” even outside the office, such as at work socials. Photo: Michael Godek/Getty Images

Constance Shaw | Fox Williams, Sebastian Sayer | Fox Williams

5 min read
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Firms should take steps now to identify and mitigate NFM-related risks, including improving culture (a key driver of good conduct).  

In December 2025, the FCA published a Policy Statement (PS25/23) clarifying how non-financial misconduct (NFM) will be assessed under the Conduct Rules (COCON) and the Fit and Proper (FIT) regime.

This Policy Statement marks the final stage in a series of regulatory policy developments and consultation papers relating to NFM, which

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