Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the SMCR Conduct Rules. Almost all financial services workers are, or will soon be, within scope of the SMCR Conduct Rules (regardless of their seniority).
As the FCA seeks to use SMCR as a “lever” to drive culture change, firms must show they are implementing an appropriate framework for the identification and reporting of Conduct Rule breaches; and to minimise employment law risk, the framework should be fair to individuals.
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