FCA has made its new rules applying individual conduct rules to NEDs in the banking and insurance sectors. The new rules, which take effect on 3 July, apply the provisions of COCON to “standard” NEDs in the banking and insurance sectors. It has not made any changes to its proposals, but noted respondents’ requests to make FCA and PRA terminology consistent (although it has not yet done this). The changes introduce a definition of “standard non-executive director” and “board director”, and extends COCON to those persons in banks, building societies, credit unions, insurers and dual-regulated investment firms. The five individual conduct rules in COCON 2.1 and Senior Conduct Rule 4 will apply, with other rules applying only if the NED is also a “senior conduct rules staff member”.
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