CP17/37: Consultation Paper on Industry Codes of Conduct and Discussion Paper on FCA Principle 5.
This Consultation paper sees the FCA seeking views from all firms about its plans to extend its framework for good conduct into unregulated markets and activities.
The Treasury, PRA and FCA want to prevent any further misconduct, such as was seen with LIBOR fixing and SpotFX traders. They feel that regulated firms should now be clear about the expectations of good conduct, but accept that for markets and activities not regulated, the expectations may be less clear.
This consultation sets out proposals to address this disparity, and to identify and encourage best-practice examples of voluntary industry-written codes of conduct and extend where necessary the FCA’s Senior Managers and Certification Regime (SM&CR).
Responses are required by 5 February 2018.
See the consultation paper here.
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