'No intention' of retrospective action in FCA's proposed non-financial misconduct rules

Commenting on this, Molly says: "The FCA has "broad powers to assess fitness and propriety" as well as to take action against individuals breaching those conduct standards. The rules set out in the consultation paper can be seen as improved guidelines and specificity on the broad range of scenarios, which the FCA can consider when assessing fitness and propriety."

She adds: "This improved specificity is likely to make it easier for the FCA to take actions quickly against individuals, because it sets out explicitly that behaviour in private or personal life and outside of the regulatory system can be considered as a negative indicator of fitness and propriety, even where there is little risk of the behaviour impacting on the firm or financial system."

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