The Need for Conduct Rules training

Firms must inform staff that they are subject to the Conduct Rules and take “all reasonable steps” to ensure that staff understand how the Conduct Rules apply to them.[1]  The firm should provide “suitable training” in order to ensure that staff understand how the Conduct Rules apply to them[2] generally, but also the way in which specific Conduct Rules are relevant to the work individual members of staff perform.[3]  In other words, Conduct Rules training must be tailored to an individual’s role.

For example, individuals who trade in markets should receive training on the specific application of Conduct Rule 5 (“You must observe proper standards of market conduct”).  Similarly, individuals who deal with clients should understand how Conduct Rule 4 (“You must pay due regard to the interests of customers and treat them fairly”) applies to their role.[4]


[1] FSMA 2000, section 64B and COCON 2.3.1G

[2] COCON 2.3.2G(1)

[3] COCON 2.3.2G(2)

[4] COCON 3.2.2G(3)

As part of its Pro package, Corterum provides a range of training materials on the Conduct Rules, including specific scenarios of potential breaches drawn from real-world examples. These resources will help you meet the role-specific requirement for Conduct Rules training. 

Everything you wanted to know about SM&CR - but were afraid to ask!

New to SMCR – or need a hand getting up to speed withj SMCR compliance? This guide will help you understand and implement every part of the SM&CR. You’ll learn, amongst other things:

  • How firms are classified.
  • How to identify Certification Staff.
  • The Responsibilities of a Senior Manager.
  • Conduct Rules & how they apply to your role.

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