FOCUS: FCA widens rules on non-financial misconduct

In the September edition of FOCUS, Red Lion Chambers’ Andrew Herd considers the FCA’s new approach to serious non-financial misconduct under the Senior Managers and Certification Regime (SMCR).

From 1 September 2026, the FCA’s Conduct Rules were extended to cover serious bullying, harassment and violence in a work context across an estimated 37,000 regulated firms. The changes place greater emphasis on how firms identify, investigate and respond to potentially relevant behaviour.

Andrew examines the relationship between the new COCON rules and the Fit and Proper Test, the implications for regulatory references and the difficult judgement calls firms may face when deciding whether conduct is sufficiently serious, sufficiently work-related, or relevant to an individual’s fitness and propriety. He also considers the need for careful, fair investigations and early legal analysis in borderline cases.

Read the latest edition of FOCUS here

Andrew Herd practises in business and financial crime, including cases involving fraud, bribery and corruption, money laundering, tax evasion, insolvency and corporate misconduct

FOCUS – edited by Ed Vickers KC
Fraud Newsletter – edited by Faras Baloch

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