Recognised industry codes

Read about our process for recognising industry codes of conduct, which we describe as 'FCA-recognised industry codes'.

We have created a process for recognising industry codes for unregulated financial markets and activities, known as 'FCA recognition'. Read more about our approach, including what FCA recognition means.

These pages outline the status of FCA recognition and the process for requesting FCA recognition of industry codes as well as links to codes that have been recognised. 

Please note that the recognition of industry codes of conduct process is different from the FCA’s confirmation of industry guidance process for regulated activities.

The practical effect of FCA recognition of industry codes for firms and individuals subject to the SM&CR

Senior Managers, Certified Individuals and other individuals of Authorised Firms subject to the Senior Managers & Certification Regime are required to comply with the five individual conduct rules set out in COCON 2.1, including Rule 5: “You must observe proper standards of market conduct.” These rules are applicable for all activities carried out by the individual in the course of their employment, whether or not those are regulated activities. 

FSMA, EU legislation and FCA rules and guidance outline proper standards of conduct in regulated markets. In unregulated markets, a general consideration about whether or not a person's conduct complies with the relevant requirements and standards of the market, is whether they, or the firm, complies with the Code of Market Conduct (MAR 1) or relevant market codes and exchange rules.

Behaviour that is in line with a FCA recognised industry code will tend to indicate a person subject to the Senior Managers and Certification Regime is meeting their obligation to observe ‘proper standards of market conduct’ in relation to unregulated activities.

Industry codes are not mandatory and are only one way, but not the only way of complying with the requirement to observe proper standards of market conduct. 

To further support and encourage the development and use of good quality industry codes of conduct, the FCA has established a framework to formally recognise industry codes covering certain unregulated activities. By conducting themselves in line with a recognised code’s provisions, individuals may take comfort that this will tend to meet the obligation to observe ‘proper standards of market conduct’; however, it may equally be possible to observe proper standards of market conduct in other ways.

We are conscious that industry codes should not become prescriptive rules or have the same status as FCA rules in regulated markets. They will be just one factor taken into account when the FCA makes judgments about the use of enforcement powers.

Questions on individual industry codes

Please contact the code author directly if you have a question about a particular industry code. The code author can be found by clicking on the relevant piece of guidance below. The following table lists industry codes that have received FCA recognition.

List of industry codes

Industry Code

Date of recognition

Expiry Date

FX Global Code (July 2021) 

19 November  2021

22 November 2024

UK Money Markets Code (April 2021)

21 April 2021

21 April 2024

Lending Standards Board Standards of Lending Practice for business customers

5 Augu​​​​​st​ 2020

10 February 2023

Global Precious Metals Market Code (May 2017) 19 November 2021 22 November 2024

Page updates

22/04/2021: Information changed UK Money Markets Code (April 2021)