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  • Robert Bell

Importance Of Great Conduct Rules Training

The consumer duty is bringing in a new conduct rule – Individual Conduct Rule 6 - which mirrors the new Consumer Principle. It will require certified staff, amongst others, to “act to deliver good outcomes for retail customers” where their firms’ activities fall within scope of the Consumer Duty.

In previous articles we’ve highlighted the feedback the FCA has given in respect of firms’ conduct rules training and with the Consumer Duty set to make changes to the conduct rules now is the perfect time to review the quality and content of your conduct rules training.

First and foremost, the training must be engaging. Put yourself in the shoes of your team members and think how you would feel during the training. Is it something you have ‘got to get through’ or does it speak to the individual in their role and make them think about the way they operate? Certainly, utilising a range of training methods can help, from videos to activities and discussions but also think about the examples you include and ensure, where possible, they relate to the learner’s role.

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With this in mind, a single generic training is not usually the best approach as it’s hard to fit in examples which speak to that colleague’s role. However, it is equally as difficult to make multiple versions of your same training. One approach we have seen which works well is a generic e-learning followed by department meetings where the department head or team leader provides vital context to the messages given in the training, provides role specific examples and promotes discussion. This is also an excellent exercise to allow your managers to enhance their understanding of the conduct rules.

Great training should inspire. Both SM&CR and the Consumer Duty are intended to improve culture in firms through putting the customer’s needs first, properly considering whether the products and services are right for customers, communicating in a way in which the customer can understand, and providing first rate customer service. With this in mind, we should ensure those messages are included in the training, truly inspiring colleagues to put customers first and diligently follow company procedures.

SM&CR also aims to enhance accountability. It is hugely important to reinforce your message with the consequences for failing to follow the conduct rules.

Our courses are designed to help staff at all levels understand what the conduct rules are, and why the new higher standards of behaviour are so important to customer treatment and FCA compliance. At the core of each course is what accountability and good conduct look like in practice, with clear explanations, realistic scenarios.

Reassurance that learners have understood the training is provided through quizzes and a final assessment.

Our training is accessed via our online portal, meaning that every staff member can take their training at a time that is convenient to them. Once training has been completed, staff can access the learning from the course following completion.

We offer two online Conduct Rules courses, which allow Senior Managers and Certification and all other staff to access and complete the training at their own convenience, ideal for those who want to complete the training in their own time, and to come back to it to refresh later on. They provide clear and comprehensive training in the Rules, including a mix of videos, small amounts of text and plenty of scenarios to demonstrate how the rules apply practically.


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