Non-financial misconduct: Is the FCA's final guidance progress or overreach?

The Financial Conduct Authority (FCA) set out a significant shift in regulatory expectations with policy statement PS25/23. From 1 September 2026, firms must treat non-financial misconduct (NFM), including workplace bullying, harassment, and even certain off-duty behaviours, as relevant to regulatory standards. Whilst the FCA frames this as essential to market integrity, critics argue the final guidance stretches the regulator's remit and introduces new risks around privacy, proportionality, and enforcement. Why the FCA is acting The FCA's rationale is clear: workplace culture drive...