Financial advisers must take immediate steps to address non-financial misconduct (NFM) or risk falling short of rising regulatory expectations, lawyers at Macfarlanes have warned.
Speaking today (13 May) at a roundtable hosted by the firm, Macfarlanes partner Laura Bridgewater said NFM remains a priority for the regulator — particularly in light of recent political scrutiny — and that advice firms have a duty to take pre-emptive action, even in the absence of formal enforcement cases. "Firms regulated by the FCA must deal appropriately with allegations of misconduct, even if it's not financial in nature," Bridgewater said. "That means having credible, up-to-date whistleblowing procedures and the ability to act decisively when cultural concerns arise." The FCA r...
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