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From the Post Magazine
“You have to attest to the fitness and proprietary of your staff and evidence it,” he highlighted. A year from now nearly all staff become subject to conduct rules. Anyone behaving in a malicious and deliberate way can be held accountable by the FCA which is brand new, Bjelobaba said. While there is plenty of time for firms to undertake the training a key point is that this cannot be a blanket style approach. When explaining the rules to staff it must be in the context of their particular role in the company, compliance experts stressed. “It is more than box ticking,” Bjelobaba said. “It is taking ownership of conduct and behaviour and instilling in your team that your own personal conduct is on the line. “This is not Mickey Mouse. It is statutory law. If you break this you break the law.”
In his opinion the FCA is employing more people for front line supervision and is ready to catch and “feel the collar” of people not taking it seriously. “It is an enhanced level of trust. This is a transition to an even better state of compliance and culture.”