FCA launches consultation on industry codes of conduct

Published: 11 December 2017


The FCA has recently published a consultation paper proposing a general approach to supervising and enforcing the Senior Managers & Certification Regime (SM&CR) rules for authorised firms’ unregulated activities, including those covered by industry-written codes of conduct. The FCA intends to require firms and their senior management to consider industry codes of conduct when determining the SM&CR ’proper standard of market conduct’, including where there is no framework of rules. In the consultation The FCA further proposes that some particular industry codes be publicly recognised according to a specific set of criteria. In this consultation, the FCA also seeks the market participants’ opinion regarding the recognition process of industry codes. The consultation runs until February 5th 2018, if you wish to participate in a response, please contact Marie-Adelaide de Nicolay.