FCA tells firms to get ready for NFM changes

The FCA has published a new page on its website summarising the effects of the new Non Financial Misconduct rules for non-banks, which take effect on 1 September, and telling firms what they should be doing to prepare for the changes. It reminds firms to read its guidance and reiterates that the changes don’t have retrospective effect.

It says firms should:

• consider updates to staff policies;
• update their approach to conduct breach reporting;
• review their approach to fit and proper assessments and regulatory references; and
• ensure staff and senior managers understand how the changes apply to them.

It reminds firms that they are not required to monitor employees’ personal lives or social media accounts or investigate trivial, implausible or irrelevant allegations about employees’ private lives.