All rights reserved. <>>>
Edinburgh, EH3 7SW
The revised Chartered Banker Code, which has been mapped to the new Conduct Rules; The revised Foundation Standard for Professional Bankers, which supports and evidences the implementation of the new Conduct Rules, taking account of particular roles; The Professional Banker Certificate, the UK banking benchmark introductory qualification, incorporating coverage of the new Conduct Rules; Accreditation and development of existing learning and development programmes; and. From 7 March 2017, the Financial Conduct Authority has extended the new Code of Conduct to cover almost all employees working in banks, building societies and certain investment firms. COCON 2.1 1Individual conduct rules. The UK's Prudential Regulatory Authority [PRA] and Financial Conduct Authority [FCA] are introducing new Individual Conduct Rules, which will cover the great majority of individuals working within UK banking. The FCA recognises that a senior conduct rules staff member will have to exercise their own judgement in deciding how issues are dealt with and sometimes that judgement will, with the benefit of hindsight, be shown to have been wrong. Rule 3: You must be open and cooperative with the FCA, the PRA and other regulators. 3 0 obj
The change is designed to expand the certification regime to ensure that individuals working in wholesale markets in relevant firms who could pose significant harm to the firm or its customers are subject to the new accountability rules. Contact us by web chat, email, phone or post: See the latest news stories, speeches, statements, press releases and warnings. endobj
In particular: The FCA is today also consulting on amendments to the rules in regard to the certification of individuals involved in wholesale activity, such as traders. stream
We want consumers to understand the FCA’s expectations around culture in firms and feel able to speak up when standards aren’t met. This change has been strongly supported by the Chartered Banker Institute, and the Chartered Banker Code of Professional Conduct has been revised to demonstrate alignment with the new Conduct Rules. FCA publishes final rules to make those in the banking sector more accountable, Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Raising procedural issues with our Procedural Officer, Complain about us, the PRA or the Bank of England (the regulators), Review into change and innovation in the unsecured credit market (the Woolard Review), Contact us by web chat, email, phone or post, FCA Innovation – fintech, regtech and innovative businesses, Banks, building societies and credit unions, Electronic money and payment institutions, General insurers and insurance intermediaries, Directory of certified and assessed persons, Coronavirus (Covid-19): Information for firms, eCommerce Directive – changes at the end of the transition period, Securities Financing Transactions Regulation (SFTR), How to report suspected market abuse as a firm or trading venue, How to report suspected market abuse as an individual, Exemptions from short-selling requirements, Market making exemptions and preparing for Brexit, Net short positions reporting and preparing for Brexit, Notification and disclosure of net short positions, Short selling restrictions and prohibitions, Requesting sample transaction reporting data, How to claim compensation if a firm fails, Report information about a payment services or e-money firm, FCA CP15/22 Strengthening accountability in banking: Final rules (including feedback on CP14/31 and CP15/5) and consultation on extending the Certification Regime to wholesale market activities, PRA Policy statement 16/15: Strengthening individual accountability in banking: responses to CP14/14, CP28/14 and CP 7/15, The Prudential Regulation Authority and The Financial Conduct Authority announce new rules on remuneration, Modern Slavery and Human Trafficking Statement, Consequential amendments to other parts of the FCA Handbook – summer 2015, Feedback on incoming branches of foreign firms – Summer 2015 (with the timing of final rules to depend on legislation), Final guidance on Presumption of Responsibility and other enforcement-related matters – autumn 2015, Consultation Paper on regulatory references – autumn 2015 (with final rules to follow in time for commencement of the regime), Final rules on the inclusion of wholesale activities in the Certification Regime – in time for commencement of the regime, Electronic grandfathering forms become available for submission – Autumn 2015, Submission deadline for grandfathering notifications – 8 February 2016, Commencement Date of SMR and Certification Regime – 7 March 2016, First annual submission notifying breaches of the Conduct Rules required – end October 2016, Application of Conduct Rules to staff who are not within the SMR or Certification Regime – 7 March 2017, First annual submission notifying breaches of the Conduct Rules including staff who are not within the SMR or Certification Regime – end October 2017.