Context
UKGI would like to remind firms that the date on which the Individual Conduct Rules come into force for staff other than Senior Managers and Certification staff, is 31st March 2021.
Key points to note
- The Conduct Rules set minimum standards of individual behaviour in financial services.
- By applying the Conduct Rules to a broad range of staff, the FCA aims to improve individual accountability and awareness of personal conduct issues across firms.
- All staff must be trained in and complying with the relevant Conduct Rules by 31st March 2021
- Senior Managers must ensure that Conduct Rules training is effective, so that staff are aware of the rules and understand how these apply to them in their role
- The FCA has provided a list of positive indicators in relation to the training which include:
- The relevant Senior Manager demonstrating appropriate involvement and oversight
- Interactive training which includes realistic scenarios
- Conduct linked to fitness and propriety assessments
Next actions
Firms should ensure that all staff have been trained in the Conduct Rules by 31st March 2021. UKGI is able to support firms in meeting this requirement; please contact us if you would like assistance.