The Conduct Rules are a key pillar of the Senior Managers & Certification Regime. They apply DIRECTLY to almost everyone working within the financial services industry and are designed to encourage a step-change in levels of behaviour as part of a wider push designed to engender true cultural changes within firms.
All SM&CR firms are required to provide TAILORED Conduct Rules training so that staff have an “awareness and broad understanding” of all of the Conduct Rules and a “deeper understanding” of the practical application of the specific rules which are relevant to their work.
The FCA expects Conduct Rules training to form part of a firm’s standard onboarding processes and to be reinforced regularly (annually is a good rule of thumb here). It should be interactive and involve realistic scenarios, designed to draw out nuances of how the Conduct Rules apply to different types of role. Both the Senior Manager responsible for the provision of Conduct Rules training and line managers should be able to demonstrate appropriate involvement or oversight.
In practice, the provision of Conduct Rules training is a significant undertaking. Whilst the initial deadline for the provision of Conduct Rules training was 31 March 2021, staff come and go all of the time and Conduct Rules training needs to be periodically refreshed. Put simply, the requirement does not go away. As such, firms are presented with the classic ‘buy or build’ conundrum – spend time building and maintaining Conduct Rules training in-house, or spend money procuring Conduct Rules training from a third-party vendor.
At Corterum, we provide a third way – saving you time AND money. All Corterum customers are provided with free access to Conduct Rules training for their staff via our learning management system. Our training offering comprises:
Firstly, “The Senior Managers & Certification Regime: A-Z”. This training module provides an introduction to the SM&CR. It is a perfect addition to new-joiner training given as part of standard onboarding processes.
Second, “The Conduct Rules”. This training module provides a deeper dive into the Conduct Rules – what they are, when they apply and how they can be breached. Provide this training to staff in order to discharge your obligations under the SM&CR to deliver Conduct Rules training.
Thirdly, “The Conduct Rules: Training Scenarios”. We have created a library of scenarios designed to bring the Conduct Rules to life for staff in the context of their specific role. This is the perfect way to demonstrate that Conduct Rules training has been tailored to the needs of your staff.
Users can then evidence the training they have received within Corterum…
…and record exactly what they believe the Conduct Rules mean to them within the context of their role…
…delivering a comprehensive, painless and cost-effective solution to your Conduct Rules training requirements.
The cost-benefit analysis is overwhelming
Corterum is designed with smaller firms in mind. Always thought of yourself as too small to justify an investment in SM&CR software? You aren’t. Think that you can make do with a spreadsheet? Think again. There is simply no need to ‘make do’. More to the point, it doesn’t make financial sense for you to do so. Put simply, your time is too valuable to be creating spreadsheets or delivering Conduct Rules training. Moreover, the smaller the firm, the more valuable your time. SM&CR compliance is a key business activity, but don’t let it drain time away from activities that are truly core to your business.
Get access to all of the training you need and the comprehensive solution you require to stay on the path to SM&CR compliance – for less than it would cost you to build and manage a spreadsheet.
Drop us a line to find out more.
