The FCA has reviewed [this Industry Guidance] and has confirmed that it will take it into account when exercising its regulatory functions. [This Industry Guidance] is not mandatory and is not FCA Guidance. This FCA view cannot affect the rights of third parties.
As now, a firm's defence against us is in essence the same whether they follow FCA guidance or FCA confirmed Industry Guidance – our rules say 'The FCA will not take action against a person for behaviour that it considers to be in line with guidance, other materials published by the FCA in support of the Handbook or FCA-confirmed Industry Guidance, which were current at the time of the behaviour in question.' (DEPP 6.2.1(4)G). Similarly, as Industry Guidance is not mandatory (and is one way, but not the only way, to comply with requirements), we do not presume that because firms are not complying with it they are not meeting our requirements.
However, where a breach has been established, Industry Guidance is potentially relevant to an enforcement case. The ways in which we may seek to use Industry Guidance in an enforcement context are similar to those in which we may use FCA Guidance or supporting materials. As set out in Chapter 2 of the new Enforcement Guide, these include:
Should you have a question on a particular piece of Industry Guidance, please contact the guidance provider directly. The Guidance Provider for each piece can be established by clicking on the relevant piece of guidance.
The following table lists Industry Guidance that has received FCA Confirmation
|Guidance title||Expiry Date|
|1.||BBA/BSA/Payments Council Guidance on the Banking Conduct of Business sourcebook||31 December 2015|
|2.||MIFID Connect Outsourcing||16 May 2010|
|3.||MiFID Connect Suitability and Appropriateness||10 August 2010|
|4.||MiFID Connect Investment Research||20 August 2010|
|5.||AIC guidance on investment policies||16 July 2011|
|6.||Transparency, disclosure and conflicts of interest in the commercial insurance market||23 March 2015|
|7.||IMA guidance on paperless renunciation / transfer of units / shares in authorised funds||9 April 2015|
|8.||IBA's LIBOR code of conduct||15 July 2016|
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