PS18/18: Industry Codes of Conduct and Discussion Paper on FCA principle 5

In this Policy Statement we respond to feedback arising from CP17/37 and publish handbook guidance regarding the FCA’s recognition of industry codes of conduct. Code authors will be able to seek recognition from 18 July 2018 when these this guidance comes into force.

Show PS18/18 (PDF)

In November 2017, we consulted in CP17/37 (PDF) on proposed handbook guidance and policy for formally recognising industry codes of conduct that cover unregulated activities.

This Policy Statement responds to the feedback received and publishes the final handbook guidance.

Who this applies to

Industry groups that have newly developed or existing codes of conduct covering particular unregulated activities undertaken by authorised firms may apply to the FCA to have these formally recognised.

Authorised firms, their senior managers and staff, where subject to the Senior Managers and Certification regime, may rely on the recognition status when they follow such codes, to meet their obligation to observe proper standards of market conduct – COCON 2.1.5R.

Next steps

The new handbook guidance takes effect immediately. Code authors may now apply to the FCA for recognition of their code by emailing [email protected]. Further details about the process and the criteria for assessing codes under this process can be found on the following webpages.