The Conduct Rules are a set of basic standards of good personal conduct that apply directly to the majority of staff. The Conduct Rules are designed to help shape firm culture and improve standards of individual behaviour at all levels within the financial sector. Firms have until 31st March 2021 to train relevant staff on how Conduct Rules apply to their role.
Individual Conduct Rules
Five Conduct Rules applicable to All:
Rule 1: You must act with integrity
Rule 2: You must act with due care, skill and diligence
Rule 3: You must be open and cooperative with the FCA, PRA and other regulators
Rule 4: You must pay due regard to the interests of customers and treat them fairly
Rule 5: You must observe proper standards of market conduct
Senior Manager Conduct Rules
Four additional Conduct Rules applicable to Senior Managers:
SC1: You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively
SC2: You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards
SC3: You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively of the regulatory system
SC4: You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice
CONDUCT RULES TRAINING
Delivered by our one of our experienced Compliance Consultant, we will:
Provide training that is both interesting and interactive, including real breach scenarios and case studies to illustrate individual Conduct Rules
Test your trainees' understanding of the subject, giving you the assurance that staff are aware of what conduct rules and breaches would mean
Produce all materials designed around your firm so we can ensure your staff can relate to Conduct Rules in the context of their day-to-day roles
Deliver training face to face or remotely through Zoom, Teams or the system of your choice, depending on your requirements
- Provide you with relevant materials so these can be posted on your company intranet or e-learning platform
Our typical training structure covers the following, but will be tailored to what you need:
- SMCR Overview
- What are breaches?
- Explaining the Individual Conduct Rules
- Case Studies to illustrate Individual Conduct Rules
- Potential breach scenarios – what are the implications for the individual? What would you do in this situation?
Contact us to discuss training
WHAT OUR CLIENTS SAY
Specialists in SMCR and other relevant regulations, we have expertise across a broad range of financial sectors and a reputation for providing a high quality and responsive service. We pride ourselves on delivery exceptional client outcomes and service experiences.
Our Director was extremely impressed with your training sessions and specifically asked me to pass on his feedback about how engaging and knowledgeable you were.”
SMCR FRAMEWORK REVIEW
Our SMCR framework review provides a review and remidiation service helping you to ensure you have everything in place and mitigating the risk of non-compliance with SMCR requirements.