CISI launches SMCR Conduct Rules member toolkit FINANCIAL PLANNING

CISI has launched a new SMCR Code of Conduct Toolkit in light of the upcoming December deadline for the extension of the FCA SMCR Code of Conduct to all UK regulated individual companies.

The toolkit is designed to ensure that members nationwide have access to resources relevant to each of the five rules.

In 2016, the FCA launched the Senior Managers Certification Regime (SMCR) in response to the 2008 banking crisis and associated conduct deficiencies, such as the LIBOR manipulation, which at that time was destined for banks, building societies and credit unions.

The SMCR has been extended and will apply to all financial services regulated companies as of 9 December.

The three pillars of the SMCR include the Senior Managers Regime, the Certification Regime and the Conduct Rules.

This is the aspect of the code of conduct that CISI emphasizes in its toolkit, "as it relates to professional behavior and applies to all company employees (excluding employees, such as cleaners, caterers, security forces) and not just senior executives Employees refers ".

The five codes of conduct established by the FCA are:

1. You must trade with integrity

2. You must act with due care, skill and care

3. You must be open and cooperative with the FCA, the PRA and other regulators

4. You must duly consider the interests of customers and treat them fairly

5. You must adhere to appropriate standards for market behavior.

The CISI SMCR Code of Conduct Toolkit correlates the five rules with the principles of the CISI Code of Conduct to be followed by all members, and provides links to all CISI resources and materials that are relevant to each rule.

Rebecca Aston, CISI head of professional standards, said: "Our own discussions with companies have shown that there is a need for a resource designed to provide wider context to each of the codes of conduct – which in themselves are fairly open.

"We spent some time developing our toolkit as a resource for members – both before and after the expansion of the SMCR.

"Each of the five rules of conduct is explained as they relate to our rules of conduct.

"In addition, we complement this knowledge by using current, up-to-date articles from our Review Member Magazine and the Gray Matters series on ethical dilemmas, our CISI TV-related interviews and event coverage, and our Professional Refresher CPD modules, which refer to this area.

"Ultimately, we endeavor to provide our members with as accessible information as possible to ensure that nothing remains unturned in their efforts to provide consumers with a first-class financial services experience."

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