The FCA’s Individual Conduct Rules, which set minimum standards of behaviour for individuals working in financial services, come into force for all staff on 31 March 2021.
The FCA is extending the Conduct Rules to a broad range of staff, beyond those in in certification function roles, to improve accountability and awareness of personal conduct issues right across firms.
It is essential to ensure that all your staff have been thoroughly trained in – and are complying with – the relevant Conduct Rules by the deadline at the end of next month.
Senior Managers must ensure that Conduct Rules training is effective, and that all staff members are aware of the rules and understand how they apply specifically to their own roles.
The FCA has provided some ‘indicators’ highlighting what it wants to see from firms in terms of preparing their staff for its Conduct Rules:
- Relevant Senior Managers demonstrating appropriate involvement and oversight
- Interactive training that includes realistic scenarios
- Linking conduct to fitness and propriety assessments.
If you have any concerns about your ability to ensure that all your staff have received appropriate Conduct Rules training by 31 March 2021, please don’t hesitate to contact UKGI. We can help!
To find out more about this, or any other compliance-related issue, please call a member of our expert team on 01925 765777, or email us at info@ukgigroup.com