FCA Focuses On Conduct Rules As Firms Query The Basics

Law360, London (August 5, 2019, 6:10 PM BST) -- The Financial Conduct Authority said Monday that it will focus on ensuring that banks and insurers are holding their staff to conduct rules as part of the U.K.’s tough accountability framework, despite some confusion among firms over what would constitute a conduct breach.

The City watchdog said that it will increase its supervision of conduct rules under the Senior Managers and Certification Regime. The rules, which came into force in March 2016 as part of the SMCR, force senior managers at banks and insurers to act with integrity, treat customers fairly and observe market standards.

The FCA said that it found...

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