We have submitted a written response to the FCA’s consultation CP25/18 on potential new Handbook guidance in COCON and FIT, which the FCA revised following feedback it received on the previous draft guidance it consulted on in CP23/20.
Overall, we consider that additional guidance in COCON and FIT is necessary to support the new rule as well as regulator expectations in relation to non-financial misconduct. However, we believe that a number of provisions expect a disproportionately high standard of behaviour in an individual’s private or personal life wholly unconnected to work that is not necessary for the FCA to satisfy its statutory objectives and would result in an unjustified regulatory burden for both individuals and firms. You can read our full response here and our article for more detailed information on the proposed changes.