The FCA has stressed that firms must ensure their staff have been adequately trained by 31 March next year on how the incoming SM&CR rules apply specifically to their daily roles. A newly released explainer video on the FCA’s website outlines what’s expected of firms in this context.
The regulator warns that generic training is unlikely to prove sufficient. Effective role-specific training requires both a detailed knowledge of what the FCA’s Conduct Rules demand of firms and their employees – and of the day-to-day work undertaken by particular teams and staff members.
Good training, the FCA says, should be interactive and reflect real-life scenarios that relate to the practicalities of employee’s daily working lives in the context of SM&CR and the FCA’s Conduct Rules.
Once they’ve received training, staff should have a clear picture in their heads of what a breach of the Conduct Rules would look like and feel confident about speaking up and reporting anything they witness that isn’t inline with those rules.
If you would like help putting together and/or delivering training that will genuinely satisfy what the regulator has described as a ‘step change’ in what it expects in terms of conduct right across regulated businesses, UKGI can help. Contact a member of our expert team on 01925 765777 to find out more, or email us at info@ukgigroup.com.