The Non-Financial Misconduct Briefing
Five mistakes financial services firms are making now that the FCA's non-financial misconduct rules are in force. One a day, for five days, by email.
Since 1 September 2026, serious non-financial misconduct sits inside the FCA's conduct rules for SM&CR firms outside banking. Banks were already covered. PS25/23 puts the SM&CR population at 37,805 firms.
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In most of them, preparation stopped at a refreshed code of conduct and a completed training log.
These five emails cover where the exposure actually sits: the reference machinery that now carries both the person and the handling, the manager layer your instruments cannot read, and the evidence the regulator will ask for.
Written for the MD, Ops Director, or senior manager whose name is on the accountability map.
One email a day for five days, then occasional briefings from Fearon Advisory. Unsubscribe any time.
Sarah Fearon is a former barrister and the founder of Fearon Advisory. She works on the third load: the hidden pressure that breaks the best managers first.