Non-financial misconduct (NFM), despite being acknowledged as misconduct “plain and simple” by Christopher Woolard, then Executive Director of Strategy and Competition at the FCA, continues to present a challenge due to its undefined and unclear parameters. Legal professionals in large corporations and law firms have been seeking clarity from regulators on how NFM is treated, but precise guidelines remain elusive five years after Woolard’s declaration. The issue appears not to be as “simple” as previously proposed.
A more comprehensive discussion on this matter can be found in a piece on Law.com. It is worth noting that further clarity on this issue is crucial as it can significantly impact how firms approach the subject of non-financial misconduct internally.