Conduct Rules – A Reminder

Our Development Zone Course of the Month for April is ‘SM&CR – Individual Conduct Rules’. The Conduct Rules set out the basic standards of personal conduct that individuals working in financial services are expected to abide by and are designed to shape the culture and standards of firms and to promote positive behaviours that reduce harm.

The Conduct Rules apply to almost all employees who carry out financial services activities, or linked activities, in a firm. Some Conduct Rules apply to all employees (Individual Conduct Rules), while others only apply to Senior Managers (Senior Manager Conduct Rules).

Our Course of the Month focuses on the Individual Conduct Rules, which apply to most employees, with the exception of ancillary staff (i.e. receptionists, security guards etc).

As a reminder, the Individual Conduct Rules are:

  1. You must act with integrity.
  2. You must act with due care, skill and diligence.
  3. You must be open and cooperative with the FCA, the PRA and other regulators.
  4. You must pay due regard to the interest of customers and treat them fairly.
  5. You must observe proper standards of market conduct.

The FCA has previously provided guidance on what it believes to be good and bad practice in regards to Conduct Rules training, which we have covered in a previous article

There’s still time to attempt April’s Course of the Month… for those who aren’t signed up to the Aviva Development Zone, go here for a 14-day free trial:

The Development Zone also offers a series of Conduct Rules Scenarios, which provide a more in-depth look at the Conduct Rules and present fictional scenarios in which you will be asked to identify which conduct rule(s) may have been breached. Why not test your knowledge today?


About the author

Steve has over 15 years of experience in retail general insurance, including influential roles at Hallmarque Assistance Ltd, Endsleigh and more recently as Compliance Director for Premium Choice Ltd, a large independent insurance broker.

Steve is Head of Compliance at RWA and is responsible for the day to day needs of some of RWA’s larger clients nationwide, often working with RWA’s senior team on larger more complex projects such as those involving remedial works, auditing of standards, developing compliance frameworks and providing project assurance, particularly when subject to FCA scrutiny.

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