As was widely reported in the press, the FCA and Prudential Regulation Authority both recently issued announcements (FCA announcement / PRA announcement), the contents of which are variously being reported as “a retreat from efforts to help under-represented groups” (as per the Guardian) and, by contrast, a welcome “response to criticism that [the proposed new … Continue Reading
In a recent article on the Employment Law Worldview blog we looked at how a workplace grievance can lead to a defamation claim. The judgment, whilst primarily concerned with whether such a claim could be brought in the first place, also pondered the issues around raising a qualified privilege defence in such circumstances. This is … Continue Reading
How does the FCA expect a firm to go about investigating allegations of NFM? If someone’s non-financial misconduct breaches the Conduct Rules, does that mean they need to be dismissed? These questions arise frequently in the HR and Compliance departments of FCA and PRA regulated businesses. Perhaps that is because, despite clearly articulating its expectations … Continue Reading
If the Financial Conduct Authority is to extend or confirm (depending on what you read) its remit to include non-financial misconduct and specifically bullying and harassment in its fitness and propriety assessment, then the potentially career-ending consequences for those concerned require that we are all very clear as to what those terms mean.… Continue Reading
“Non-financial misconduct is misconduct, plain and simple” – that is what Christopher Woolard (former FCA director) said in 2018. Except that as it turns out, fairly predictably when dealing with shades of human behaviour, it’s not that plain, nor that simple. With a lack of guidance on what non-financial misconduct (NFM) actually is, firms have thus … Continue Reading
The FCA’s consultation paper (CP23/20) proposes a framework to establish and define the minimum standards expected from regulated individuals in the financial services sector. Specifically, it clarifies the FCA’s expectations around non-financial misconduct (NFM). But, if implemented, will these proposals actually change anything? We think these rules would have a direct effect on the conduct … Continue Reading
Not just more management consultancy buzz words, “non-financial misconduct” is becoming an increasingly important term for everyone working in HR in the financial services sector. As most readers will be aware, it is the role of the FCA to ensure that the UK financial markets work well. In pursuit of this, and to protect the … Continue Reading
It has been annual review season here at Squire Patton Boggs. Looking back over my efforts this year in the usual endeavour to justify my own existence, I have spotted the same scenario cropping up with unusual frequency. An employee tells their employer that they have experienced something at work that they are not too … Continue Reading
Over the next week or so, HR Departments in financial services organisations across the country will be taking a last nervous look around their shops before the implementation on 7 September of new FCA/PRA regulations on whistleblowing in the workplace. The new rules bring into full effect the preparatory steps mandated from March this year. … Continue Reading
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published new rules for the financial industry relating to whistleblowing. The new rules should not come as a surprise, as they follow a long period of consultation, but they do pose some important questions: Why are they being introduced? When are they being introduced? … Continue Reading
This article was written for whistleblowing hotline provider Expolink http://expolink.co.uk/. It is well known that many employees do not blow the whistle for fear of repercussions if they do (from harassment to dismissal and various poor treatment in between). So should we offer incentives to employees to follow a whistleblowing procedure, in order that health … Continue Reading
