FCA Compliance for Financial Services Staff - New SMCR Conduct Rules Explained
The FCA has issued a warning to firms about 'significant weaknesses' in the implementation of the conduct rules for staff, saying:
'The conduct rules are a critical foundation for firms’ culture and the conduct of individuals. It is essential that staff understand the rules and how they apply to them. This must include the provision of suitable training.'
If you work for an FCA authorised firm then you will need to be trained on the new Conduct Rules which came into force in December 2019.
The new rules set minimum standards of individual behaviour and apply to all employees who perform financial services activities in a firm making individuals more accountable for their conduct and competence.
This new half day live broadcast session will explore the new rules and is aimed at financial services staff at all levels, including certified staff, compliance officers and human resources personnel with responsibility for implementing the new training requirements.
What You Will Learn
This live and interactive session will cover the following:
- Individual Conduct Rules - We will explore each of the following new Individual Conduct Rules in detail and take learning points from FCA guidance and enforcement action against firms and staff:
- 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, the 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’
- Discussion forum - The session will provide a forum to discuss how the new Individual Conduct Rules apply to specific roles within firms
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.