We assess how the guidance might influence a firm’s response to an offensive social media post made by an employee in their private life.
COCON
In this second article in our series, we look at when behavior in an employee’s private life might become a regulatory issue.
Practical guidance on what’s changed and what to look out for in new FCA non-financial misconduct rules due in force September 1.
The new guidance provides a formal regulatory definition, centering on bullying, harassment, and violence.
Firms should take steps now to identify and mitigate NFM-related risks, including improving culture (a key driver of good conduct).
Regulatory topics that will have a significant impact on institutions operating in the UK financial services sector this year.
Moving from soft culture to hard rules, the FCA explicitly categorizes serious NFM as a breach of regulatory conduct standards.
The FCA, Treasury, and PRA are tabling proposed changes to the SMCR, alongside raising standards around non-financial misconduct.