Reference Case Number: FOI8979
Freedom of Information: Right to know request:
Please can you advise how many investigations into breaches of COCON the FCA has opened since the inception of the Conduct Rules under SMCR? Also, please could you advise how many of these involve(d) individuals performing Senior Management Functions, how many related to Certified functions, and how many related to "Other conduct rules" staff?
FCA response:
|
Total cases opened / closed broken down by year. |
2016 (from the date on which the SM&CR first became effective) |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 (as at 28/03) |
Total |
Total Opened / Closed |
|
|---|---|---|---|---|---|---|---|---|---|---|
|
Opened |
Senior Manager |
2 |
7 |
13 |
15 |
15 |
14 |
5 |
71 |
120 |
|
Non-SMF individuals* |
0 |
16 |
15 |
6 |
4 |
4 |
4 |
49 |
||
|
Closed |
Senior Manager |
0 |
0 |
5 |
2 |
11 |
3 |
3 |
24 |
57 |
|
Non-SMF individuals |
0 |
0 |
5 |
9 |
14 |
5 |
0 |
33 |
||
*Includes Certified Individuals, Material Risk Takers, and other staff to whom COCON applies.
In considering the information above, please note the following:
- The Senior Managers and Certification Regime (SM&CR) has applied to Senior Manager Functions (SMFs) at UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA since 7 March 2016.
- SMFs at dual-regulated insurers (regulated by both the FCA and PRA) have been subject to the SM&CR since 10 December 2018.
- The SM&CR replaced the Approved Persons Regime (APER) for SMFs from 9 December 2019 for solo-regulated firms regulated by the FCA only.
- For banking firms, the FCA Code of Conduct (COCON) was extended to non-SMF staff from 07 March 2017. For insurance firms, COCON was extended to apply to non-SMF staff from 09 December 2019. It was extended from 31 March 2021 for solo regulated firms. The COCON rules apply to those staff that fall under the SM&CR.
Potential misconduct by individuals at firms prior to the dates listed above when the SM&CR became effective is largely captured under APER (Approved Persons Regime). In total, the FCA has over 370 individuals under investigation for a range of potential breaches, including APER, COCON, Fitness and Propriety (FIT), and criminal misconduct.