The Financial Services Authority ("FSA") has issued guidance on its expectations of Non-Executive Directors (“NED”) in delivering the appropriate management of retail conduct risk within firms. By retail conduct risk, the FSA means the risk of a firm treating its retail customers unfairly and delivering inappropriate outcomes. The guidance is to help NEDs understand better how to deliver against their regulatory responsibilities under the FSA Rules and Principles, from a retail conduct risk perspective, and what this looks like in practice.