Conduct Rules for Senior Managers at Dual Regulated Firms
Under the Senior Managers Regime, all senior managers must comply with the FCA's six Individual Conduct Rules (ICRs) and four Senior Managers Rules (SMRs).Senior Managers are expected to comply with all 10 Conduct Rules and take 'reasonable steps' to prevent breaches.
Our SMCR Conduct Rules Course helps your Senior Managers to learn about the rules, their contraventions and their application in practical situations.
Learning objectives
- Recall the Financial Conduct Authority (FCA) Conduct Rules that apply to you as a Senior Manager
- State to whom the FCA Conduct Rules apply
- Explain how the FCA Conduct Rules apply in practice
- Describe how you will comply with the Conduct Rules in your role
- Describe when the FCA might take action for non-compliance with the Conduct Rules
Introduction
What are the Conduct Rules for Senior Managers?
- What are the Conduct Rules?
Individual Conduct Rule 1: Integrity
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 1: Key takeaways
Individual Conduct Rule 2: Due skill, care & diligence
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 2: Key takeaways
Individual Conduct Rule 3: Cooperation with regulators
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 3: Key takeaways
Individual Conduct Rule 4: Customers' interests
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 4: Key takeaways
Individual Conduct Rule 5: Market conduct
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 5: Key takeaways
Individual Conduct Rule 6: Consumer Duty
- Examples of breaches
- You decide: Is it a breach?
- Individual Conduct Rule 6: Key takeaways
Additional rules for Senior Managers
Senior Manager Conduct Rule 1: Effective control
- Examples of breaches
- You decide: Is it a breach?
- Senior Manager Conduct Rule 1: Key takeaways
Senior Manager Conduct Rule 2: Compliance with regulatory requirements
- Examples of breaches
- You decide: Is it a breach?
- Senior Manager Conduct Rule 2: Key takeaways
Senior Manager Conduct Rule 3: Effective delegation
- Examples of breaches
- You decide: Is it a breach?
- Senior Manager Conduct Rule 3: Key takeaways
Senior Manager Conduct Rule 4: Disclosures to regulators
- Examples of breaches
- You decide: Is it a breach?
Senior Manager Conduct Rule 1: Key takeaways
Breach notification
Serious consequences
- In the news: Regulatory repercussions
Summary
Assessment
Economic Sanctions
Violation of sanctions issued by the UN, the US and the EU which place restrictions on payments and other financial transactions can result in fines as well as criminal charges.