A practical guide to the FCA’s new non-financial misconduct rules and the next wave of SMCR reform. It explains what has changed from 1 September 2026, how the FCA’s material risk test applies to conduct outside work, and how SMCR itself is being simplified through the Financial Services and Markets Bill.
Why download this guide
- Understand exactly when non-financial misconduct becomes an FCA matter, not just an HR one
- Apply the FCA’s material risk test to real situations involving private conduct and social media
- Prepare senior managers for sharper accountability and self-reporting duties
- Get ahead of SMCR phase two changes before the legislation lands
- Build a practical, defensible plan for triage, policy alignment and record-keeping
What’s in the guide
- A timeline of key dates from July 2025 through to phase two
- How non-financial misconduct becomes a regulatory matter, including the “sufficient connection to work” test
- Real-world case studies covering after-hours conduct and social media posts
- The material risk test for conduct outside work
- Senior manager accountability, self-reporting and why complaint numbers can mislead
- SMCR reform from phase one to phase two, including changes already in force
- The wider Financial Services and Markets Bill, including AML supervision moving to the FCA
- A five-step practical plan of action
