Regulatory Alerts2016-09-25
Added · Updated
Applying conduct rules to all non-executive directors in the banking and insurance sectors: PS17/8
The Financial Conduct Authority extends the Code of Conduct sourcebook (COCON) to standard non-executive directors in banks, building societies, credit unions, dual-regulated investment firms, and insurance firms. These directors become subject to the five FCA Individual Conduct rules and the Senior Conduct rule requiring disclosure of information to regulators, while specific senior conduct rules remain inapplicable unless the director is also a senior conduct rules staff member. Affected firms must ensure appropriate training for these directors and report COCON breaches resulting in disciplinary action to the FCA using Form H6, with the first reporting period covering breaches from 3 July 2017 to 31 August 2017. The rules come into force on 3 July 2017.
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