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From HR to the boardroom: Why NFM has become a governance issue

A meeting of regional leaders of the financial and professional services
Photo: Craig Brough – WPA Pool/Getty Images

What boards should now be asking to safeguard their employees.

The FCA’s new NFM regime signals a profound shift in regulatory thinking. Serious non-financial misconduct is no longer viewed solely as an employment issue, but as evidence of organizational culture, governance, and leadership.

On September 1, 2026, the FCA will officially expand its Code of Conduct (COCON) and Fit and Proper (FIT)

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