Understand FCA Conduct rules

FCA is moving from an Approved person scheme where only the personnel in sensitive positions needs to comply with FCA rules to a general application of FCA Conduct rules to all staff.

FCA is moving from an Approved person scheme where only the personnel in sensitive positions needs to comply with FCA rules to a general application of FCA Conduct rules to all staff.

Instead of Authorized personnel overlapping on key responsibilities, the FCA wants a clearer responsibility map where every person is held accountable for wrongdoings and mistakes in his perimeter of responsibility, with less responsibilities overlapping between managers.

Five FCA conduct rules for all staff:

  • Act with integrity
  • Act with due skill care and diligence
  • Be open and cooperative with regulators
  • Treat customer fairly and always consider their best interest
  • Observe the standards of market conduct (don’t do insider trading, front-running…)

Four additional ones for managers:

  • Take reasonable steps to ensure
    • Your control over your area of responsibilities
    • Regulatory compliance in your area of responsibilities
    • The appropriate discharge of responsibilities you delegate
  • Disclose information that the regulator could reasonably expect to be told

 

Matthieu Liatard
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