This Policy Statement (PS) introduces final rules to extend our Code of Conduct sourcebook (COCON) to standard non-executive directors (NEDs) in banks, building societies, credit unions and dual-regulated investment firms (‘banks’) and insurance firms.
These new rules are part of the new accountability regimes introduced in March 2016 for banks and insurers.
Applying COCON to standard NEDs will help raise standards of conduct and reduce the risk of future misconduct and mis-selling in firms.
Who this applies to
This Policy Statement affects banks subject to the Senior Managers & Certification Regime (SM&CR), insurance firms subject to the Prudential Regulation Authority’s Senior Insurance Managers Regime (SIMR) and the FCA-revised Approved Persons Regime, as well as standard NEDs within those firms.