Who should read this chapter
This chapter only applies to banking firms.
Our proposals
15.1 This chapter contains our response to the feedback we received on our proposed changes affecting banking firms.
Conduct Rules PR implementation date
Feedback received
Q15: Do you agree with our proposal to implement the new Conduct Rules Prescribed Responsibility for firms subject to the Banking Regime ahead of the Commencement of the extended SM&CR?
15.2 The majority of respondents agreed with the timing approach for implementing the new Conduct Rules PR.
15.3 Several respondents made suggestions:
• Commencement for banks should be the same as for the wider regime, with banks implementing the change ahead of time on a voluntary basis
• the PR holder should be required to have professional qualifications or meet professional standards
Our response
Banking firms are already required to train staff on the Conduct Rules. We think that allocation of the new PR is an incremental change fo
…