FCA SMCR – CISI launches Conduct Rules members’ toolkit

by | Sep 16, 2019

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With the clock ticking on FCA SMCR deadline as CISI is launching a Conduct Rules members’ toolkit to  further support consumers and build market integrity

With the 9 December 2019 deadline looming for the extension of the FCA SMCR Conduct Rules to all UK solo-regulated firms, the CISI has launched its new SMCR Conduct Rules Toolkit to ensure members nationwide have access to resources relevant to each of the five Rules.

The FCA launched the Senior Managers Certification Regime (SMCR) in 2016 as a response to the 2008 banking crisis and the associated conduct failings such as LIBOR manipulation, at which point it was intended for banks, building societies and credit unions. The SMCR has been extended and will now apply to all financial services regulated firms from 9 December 2019.


The three pillars of the SMCR include the Senior Managers Regime, the Certification Regime and the Conduct Rules. It is the Conduct Rules aspect which CISI is highlighting via its toolkit, as it relates to professional conduct and applies to all firms’ employees (except ancillary staff eg cleaners, caterers, security guards) not just to senior managers.

The five Conduct Rules as specified by the FCA are:

  1. You must act with integrity
  2. You must act with due care, skill and diligence
  3. You must be open and cooperative with the FCA, the PRA and other regulators
  4. You must pay due regard to the interests of customers and treat them fairly
  5. You must observe proper standards of market conduct.

The CISI SMCR Conduct Rules toolkit correlates the five Rules to the Principles of the CISI Code of Conduct, with which all of its members have to comply, and provides links to all CISI resources and material relevant to each Rule.


Rebecca Aston, CISI Head of Professional Standards said: “Our own discussions with firms have shown that there is a need for a resource dedicated to providing further context on each of the Conduct Rules – which, by themselves, are quite open-ended. So, we spent some time developing our toolkit as a resource for members to use – both before and after the extension of the SMCR. Each of the five Conduct Rules are explained as they relate back to our Code of Conduct Principles. In addition, we then supplement this knowledge by drawing upon current, topical articles from our Review member magazine and the Grey Matters series of ethical dilemmas, our CISI TV relevant interviews and event coverage and our Professional Refresher CPD modules which relate to this area.

“Ultimately we are aiming to fully equip our members with as much accessible information as possible to ensure that no stone is left unturned in their efforts to provide a first-class, financial services experience for the consumer.”

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