(HedgeWeek) Sexual harassment and other forms of “non-financial misconduct” are now on equal footing with types of financial misconduct, such as market abuse, for the UK Financial Conduct Authority (FCA). Firms and employees are at risk of regulatory sanctions – including, for individuals, the possibility of not being found to be “fit and proper” – for failure to fulfil the FCA’s evolving diversity and inclusion (D&I) expectations. Under the Senior Managers & Certification Regime (SM&CR), which comes into force for investment firms in December of this year, both firms and individuals will be held accountable for non-financial misconduct, including sexual harassment, homophobia, racism and sexism.
Firms’ Non-Financial Misconduct under FCA Spotlight Thanks to SM&CR
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