Global Regulation, Local Solutions Emerging Themes 2020 - Page 8



SUPERVISION
EMERGING THEMES 2020
TELLING TALES
OUT OF SCHOOL
WHEN DO YOU REPORT LOW-LEVEL
MISBEHAVIOUR TO THE FCA?
Under the Senior Managers and Certification Regime
(“SMCR”), firms are required to identify and report to
the FCA any instances of disciplinary action taken in
relation to conduct that would amount to a breach of
one of the SMCR Conduct Rules. Almost all financial
services workers are, or will soon be, within scope of
the SMCR Conduct Rules (regardless of their seniority).
As the FCA seeks to use SMCR as a “lever” to
drive culture change, firms must show they are
implementing an appropriate framework for the
identification and reporting of Conduct Rule
breaches; and to minimise employment law risk,
the framework should be fair to individuals.
8/
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