Overview

• The new conduct rules will cover about 37,000 additional firms across banks and non-bank financial services
• Firms will be required to include serious and substantiated cases of poor personal behaviour in regulatory references to prevent wrongdoers from evading consequences
• The FCA recorded a 72 percent surge in non-financial misconduct allegations last year, with a quarter related to bullying and harassment and 26 ongoing investigations into senior individuals
• Earlier this year the regulator fined fund manager Crispin Odey £1.8 million and proposed banning him over allegations of inappropriate behaviour and governance failures
• Some MPs and industry figures warn that the expanded rules risk regulatory overreach and could undermine the competitiveness of the UK’s financial sector