In a ruling earlier this month, the U.K. Financial Conduct Authority (FCA) withdrew its authorization for three individuals and barred each from ever again holding an authorized position within the financial services industry. None of the three men broke a specific regulatory rule or undertook any form of financial misconduct. In each instance, the behavior that led to the withdrawal of the regulatory approval took place outside the office, and none of the victims were work colleagues.
Ever since the advent of the global financial crisis in 2008, regulators have wrestled with the conduct and culture of firms, as well as individuals. In January, FCA Executive Jonathan Davidson sent a “Dear CEO” letter to all regulated firms, in which he stated:
