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Introduction to UK Financial Regulation

NEDs are an important part of a firm's governance and provide independence and oversight. In addition to complying with the statutory and fiduciary duties, NEDs in financial services have regulatory obligations.

The Conduct Rules set the standard of personal conduct for everyone in financial services. NEDs are subject to higher standards and a higher level of accountability than others in the firm. 

Our Conduct Rules for Non-Executive Directors (NEDs) course outlines which conduct rules apply to NEDs.

Start your trial Course details
  • 45 Minutes
  • All staff
  • Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

Learning objectives

  • Understand how the Senior Managers and Certification Regime (SM&CR) applies to NEDs
  • Understand when a NED may become the holder of a Senior Manager Function
  • Recall the Conduct Rules that apply to you as a NED
  • Explain how the Conduct Rules apply in practice
  • Describe how you will comply with the Conduct Rules in your role
  • Describe when the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) might take action for non-compliance with the Conduct Rules

    What can you expect your employees to learn?

Welcome

What are the Conduct Rules for NEDs?

  • NEDs are treated differently under SMCR
 

The Senior Managers & Certification Regime

  • What are the Conduct Rules?

Individual Conduct Rule 1: Integrity

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 1: Key takeaways 

Individual Conduct Rule 2: Due skill, care & diligence

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 2: Key takeaways

Individual Conduct Rule 3: Cooperation with regulators

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 3: Key takeaways

Individual Conduct Rule 4: Customers' interests

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 4: Key takeaways

Individual Conduct Rule 5: Market conduct

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 5: Key takeaways

Individual Conduct Rule 6: Consumer Duty

  • Examples of breaches
  • You decide: Is it a breach?
  • Individual Conduct Rule 6: Key takeaways
 

Senior Manager Conduct Rule 4: Disclosures to regulators

  • You decide: Is it a breach?
  • Senior Manager Conduct Rule 4: Key takeaways

Handling breaches

Serious consequences

  • In the news: Regulatory repercussions

Summary

Affirmation

Assessment

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Your questions, answered

CoreCompliance

Common FAQs

Which courses are included in CoreCompliance?

All users get access to courses on popular compliance topics, such as: bribery, cybersecurity, equality, health and safety. In addition, you can get courses specific to your business sector.

There are over 150 courses included within the CoreCompliance package. The actual courses provided depend on the sector chosen for the subscription.

Are CoreCompliance courses only intended for use by those based in the UK?

Most of our courses are non-jurisdiction-specific and informed by global standards. However, some of them are specifically about UK law. We currently only recommend CoreCompliance outside the UK for courses on common standards. This includes Modern Slavery, Money Laundering, and Bribery.

Do the courses bookmark my progress?

Yes, all the courses have automatic bookmarking. If you close a course without completing it, you can return to where you left off or restart the course. However, if the course features a video, your progress through the video will not be bookmarked, and you'll need to start the video afresh upon your return.

What are in-depth courses?

Your subscription includes in-depth e-learning courses on bribery, money laundering, data protection, and equality. This is ideal for annual compliance training. Each course takes 30-45 minutes and provides comprehensive foundational knowledge. They can evidence that with a certificate and CPD points.

What are microlearning courses?

The CoreCompliance includes microlearning courses on most topics that you need for employee compliance training. These are typically 2-3 minutes long and illustrate the compliance topic using engaging visuals and storylines. For each course, employees can download a certificate evidencing their completion.

Can we use a Skillcast certificate to evidence training to regulators, courts, etc?

Yes, you can present a Skillcast certificate to evidence training. Skillcast can verify its validity, i.e., when and on which account the training was done, the time spent, etc. But of course, we can't prevent one person from sitting in place of another to do the training. That's up to the client company to ensure. Also, Skillcast is not an accredited certification body. Therefore, the certificates are only proof of training completion, not a legal document.

What is "mandatory training"?

All users in your account can see all the courses available for your business sector. You can set any of these courses as "mandatory training" for one or more users. Doing this assigns the courses to them with a deadline and sends them notification emails. If they don't complete the course within the deadline, they get reminder emails to complete the assignment.

How do I check my mandatory training?

The "Mandatory Training" box on the homepage shows the percentage of completed, incomplete, and overdue mandatory training. Select the box to access your incomplete mandatory training. The date (shown in the DD/MM/YYYY format) is your deadline for completing the course.

What is in my training record?

Your training record shows a list of the courses that you've started and completed. You can select each entry to see more details, such as your passing score and your certificate. You can access your training record by selecting "Certificates" at the top of the screen.

Can I get certificates for courses I've completed?

Yes, you can download a course completion certificate after you've completed a course. To do this, select "Certificates" at the top of your screen, and then choose the relevant course from the list of those that you've completed.

How do I update my details?

Select "My Profile" at the top of the screen to change your details.

Do I get a dashboard to manage my employees?

Yes, CoreCompliance provides you with an admin dashboard where you can manage and monitor your learners. It enables you to check whether your employees have completed the mandatory training you have assigned to them. You can also download a report showing the completed, pending or overdue assignments for all your users.

How do I start a subscription?

Subscribing to the CoreCompliance is easy. You are already registered for a trial. Select "Purchase" at the top of the screen and select the number of seats you need (you will need a seat for yourself). You can pay using a credit or debit card, which will be processed by Stripe.

Can I change the number of seats in my subscription?

Yes, you can upgrade your subscription to a higher number of seats at any point during your subscription. This will be at a pro-rata charge by selecting "Billing" at the top of the page. You can also reduce the number of seats at any point, but this change will take effect from the next renewal date.

Can I get monthly or annual subscriptions?

All subscriptions are on an annual basis. We don't offer monthly subscriptions.

Can I get an invoice for the subscription?

Yes, you will receive your invoice and payment receipt by email. After the purchase, you can also log in to Stripe to download your invoice and receipt.

How long do I have to wait to assign training after making the payment?

After your payment has been processed successfully, you and your employees will have immediate access to all the e-learning. You will need to add their names and email addresses to give them access.

How do I purchase more seats?

Your admin dashboard shows the number of seats you currently have available. You can purchase more seats at any point during your subscription. To do this, select "Billing" at the top of the page, allowing you to add more users to your Portal. You can have a maximum of 50 seats in total.

Can I reuse the seats of employees who have left my company?

Yes, you can free up seats by archiving users who have left your company and assigning them to others in your company.

Can I add more than 50 users to my subscription?

CoreCompliance is only available for up to 50 users. If you require more than 50 seats, you will need to upgrade to our Standard Plan. You can contact our Sales team via our website.

Can I get a refund if I terminate my subscription partway through the year?

Unfortunately, not. CoreCompliance subscriptions are for a whole year. If you terminate your subscription partway through the year, we will not renew it, but we can't give you any refunds.

Are the courses SCORM-compliant?

Yes. This means they can be delivered via the Skillcast Portal or any other SCORM-compliant Learning Management System.

What other tools are needed beyond training?

A comprehensive compliance solution often needs more than just training. Alongside e-learning, tools like declarations, surveys, and registers that track compliance tasks are usually essential. Skillcast provides full support to help you set up these additional tools.

Can users only view the courses assigned to them?

Yes. Users can view all the courses in the portal that have been assigned to them as either mandatory or optional. Courses that are mandatory will have a deadline shown.

Related courses

Boost your compliance efforts with our range of courses. Varying in length and topic, our courses equip you with the tools to create an ethical and resilient workplace.

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Despite a worldwide effort to eradicate bribery, it is still prevalent in many countries and presents a real risk for businesses.

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Healthy Working

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Mental Health at Work

Stress, anxiety and depression are serious health hazards in the workplace.

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Embargoes and Sanctions

Embargoes and sanctions prohibit all transactions with an entity, trading of certain commodities, or supplying critical goods.

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Safeguarding the Vulnerable

Certain individuals may be unable to care for or protect themselves due to a mental illness or disability, age or other factors.

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Preventing Sexual Harassment for Managers

The new duty to prevent sexual harassment in the UK will be enforceable by employment tribunals, allowing for increased compensation for victims by up to 25% if an employer fails in their duty.

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Good Outcomes for Vulnerable Customers

Companies have a legal obligation to identify the signs of vulnerability and ensure that vulnerable individuals are treated fairly.

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Overview of the Consumer Duty

The FCA's Consumer Duty is a new standard which addresses the conduct of firms.

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Whistleblowing in Financial Services

Our Whistleblowing training course educates employees on reporting misconduct safely and ensures protection.

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Complaints Handling in Financial Services

The FCA has identified that the number of complaints submitted in the financial services sector has increased year on year in recent times in the UK.

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In-depth 40 Minutes All staff

Treating Customers Fairly in Financial Services

Treating Customers Fairly (TCF) applies to firms in the financial services industry.

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In-depth 40 Minutes All staff

Personal Conflicts of Interest

The FCA states that a firm must manage conflicts of interest between itself and its customers or other clients.

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In-depth 25 Minutes All staff

Operational Resilience

The FCA has made operational resilience a requirement for banks, building societies, PRA-designated investment firms, enhanced scope firms and other financial institutions.

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CASS Overview

The FCA's Client Assets Sourcebook (CASS) supports Principle 10 of the FCA's Principles for Businesses.

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In-depth 35 Minutes All staff

Conflicts of Interest in Asset Management

The FCA outlines its expectations that asset management firms establish and maintain an effective framework to identify, control and review conflicts of interest.

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In-depth 30 Minutes All staff

Understanding Modern Slavery

Bring "Understanding Modern Slavery" training to life using animation characters and storylines.

Microlearning 5 Minutes ESG All staff

Gifts and Hospitality

Bring "Gifts and Hospitality" compliance training to life using animation characters and storylines.

Microlearning 5 Minutes Bribery Prevention All staff

Abuse of Position

Bring "Abuse of Position" training to life using animation characters and storylines.

Microlearning 5 Minutes Fraud Prevention All staff

Whistleblowing

Bring "Whistleblowing" online training to life using animation characters and storylines.

Microlearning 5 Minutes All staff

Money Laundering Red Flags

Bring "Money Laundering Red Flags" training to life using animation characters and storylines.

Microlearning 5 Minutes Financial Crime All staff

Business Email Compromise

Bring "Business Email Compromise" training to life using animation characters and storylines.

Microlearning 5 Minutes Cybersecurity DORA All staff

Speak Up

Bring "Speak Up" compliance training to life using animation characters and storylines.

Microlearning 5 Minutes All staff

Display Screen Equipment

Bring "Display Screen Equipment" e-learning to life using animation characters and storylines.

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Identity Fraud

Bring "Identity Fraud" compliance training to life using animation characters and storylines.

Microlearning 5 Minutes Fraud Prevention All staff

Slips and Trips

Bring "Slips and Trips" online training to life using animation characters and storylines.

Microlearning 5 Minutes Health & Safety All staff

Manual Handling

Bring "Manual Handling" e-learning to life using animation characters and storylines.

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Complaints Handling in Insurance

The number of complaints submitted in the Insurance sector has increased year on year in recent times in the UK.

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Conflicts of Interest in Insurance

A conflict of interest is where competing interests interfere with the exercising of judgement in a relationship.

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ICOBS - General Matters

The Insurance Conduct of Business Sourcebook (ICOBS) for general matters applies to all firms engaged in the insurance business.

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Insurance Distribution Directives

As it does with any new legislation, the EU Commission conducted a post-implementation check on how the IMD was bedding in, and this review reached the conclusion that there was a need to review and recast the Directive.

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Browse the complete CoreCompliance training package