Today, almost every person working for a UK-based bank became personally accountable to the regulator for the very first time.
The three main powers the FCA has over individuals are…
- Fine for breach of Conduct Rules
- Fine for being “knowingly concerned” in a breach of regulatory duties
The personal regulatory duties that now apply are onerous and being interpreted increasingly broadly. The conduct rules can be found online in the COCON chapter of the FCA’s Handbook. COCON also includes specific guidance on the individual Conduct Rules.
In this new era of increased personal accountability, how well do you understand the regulator's Conduct Rules?