Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

Ahead of the regulator's new non-financial misconduct rules coming into force on 1 September, firms are rightly reviewing their policies, conduct breach reporting, fit and proper assessments, and manager training. The changes, set out under the Code of Conduct (COCON) and the Fit and Proper test (FIT), broaden the scope of the conduct rules in non-banking firms, bringing them closer to the position that has long applied to banks. The firms that treat this as a solely a policy exercise will be missing the bigger picture as culture isn't separate from conduct. The way people behave, the...