What is the FCA Code of Conduct?

The Financial Conduct Authority or FCA’s Code of Conduct, also known as COCON, was introduced in 2021, with the rules updated in 2025. Although failing to comply can result in fines, there are companies that continue to breach the rules.

What is the aim?

The aim of COCON is to set a base level for expected behaviour for those working in financial services. It will cover most employees with a few exceptions, such as switchboard operators, receptionists, and security guards.

The rules

There are Individual Conduct rules in COCON. These state that you should act with integrity, act with due care, skill, and diligence, be cooperative and open with regulators, treat customer interests fairly, observe the proper standards of market conduct, and work to deliver good customer outcomes.

There are also four rules for senior managers. These say that the senior manager must take reasonable steps to effectively control the firm’s business, that the business must comply with relevant regulatory requirements and standards, that any responsibilities delegated are given to an appropriate person, and that they disclose information that the FCA or other regulatory bodies can expect.

Becoming compliant

With fines issued for breaches of the rules, it is important that your workplace is compliant. In-person learning or compliance eLearning from a firm such as //www.adempi.co.uk/compliance-training/elearning-courses is a good way to provide training for your employees.

You should also make sure you have documentation of everything you do to maintain compliance and that it is easily available. It is also important to have a process for handling any non-compliant behaviour.