FCA CP16/27 – Applying conduct rules to all NEDs

This is an important development, as part of the new account regimes, which will present additional challenges for firms.

The FCA are proposing to extend the application of their Code of Conduct sourcebook (COCON) to standard non-executive directors (NEDs) in banks, building societies, credit unions, dual-regulated investment firms, relevant authorised persons (RAPs) and insurance firms. This requires all board members to adhere to basic good standards of individual conduct.