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

What boards should now be asking to safeguard their employees.

Dominik Opaliński, Hunters Law LLP

A meeting of regional leaders of the financial and professional services
Former UK Chancellor Philip Hammond (centre, facing camera) attends a board meeting. Photo: Craig Brough – WPA Pool/Getty Images
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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

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