As part of the new accountability regimes introduced in March 2016 for RAPs and insurers, the Financial Conduct Authority (‘FCA’) is proposing to apply its Code of Conduct Sourcebook (‘COCON’) to standard non-executive directors (‘NEDs’) in banks, building societies, credit unions and dual-regulated investment firms (relevant authorised persons - ‘RAPs’), and insurance firms.

For this purpose, the FCA opened a consultation process, which affects RAPs subject to the Senior Managers & Certification Regime (‘SM&CR’), insurance firms subject to the Prudential Regulation Authority’s Senior Insurance Managers Regime (‘SIMR’) and the FCA-revised Approved Persons Regime, as well as standard NEDs within those firms.

In this context, the FCA is seeking feedback on the proposals set out in this consultation paper. Any comment must be sent by 9 January 2017, when the consultation ends.

For more information, see here.