There are two sets of Conduct Rules. The first set applies to ALL staff (including Senior Managers). The second set only applies to Senior Managers.
Conduct Rules applicable to ALL staff
- you must act with integrity;
- you must act with due skill, care and diligence;
- you must be open and co-operative with the FCA, the PRA and other regulators;
- you must pay due regard to the interests of customers and treat them fairly;
- you must observe proper standards of market conduct.
Conduct Rules applicable to Senior Managers only
- SC1: you must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively (does not apply to non-approved NEDs)[1];
- SC2: you must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system (does not apply to non-approved NEDs)[2];
- SC3: you must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively (does not apply to non-approved NEDs)[3];
- SC4: you must disclose appropriately any information of which the FCA or PRA would reasonably expect notice (this rule also applies to non-approved NEDs in limited scope firms).
[1] COCON 1.1.4R
[2] COCON 1.1.4R
[3] COCON 1.1.4R
