On August 5, the Financial Conduct Authority published the findings of its review into the SMCR in the banking sector. It found that organizations weren’t always tailoring their conduct rule training to suit roles within the business.
Many firms were still unable to explain what a conduct breach looked like in the context of their business. As a result, the regulator will be upping its supervision of how companies are enforcing conduct rules and meeting responsibilities under the SMCR.
The regulator commented: “The conduct rules are a critical foundation for firms’ culture and the conduct of individuals. It is essential that staff understand the rules and how they apply to them.”