FCA - Conduct Rules To NEDs
We respond only to indicate our support for the proposal to extend the application of the conduct rules to all non-executive directors. It has always struck us as inconsistent and unfair that non-executive directors should be free from the requirement to uphold the standards of the conduct rules while fairly junior staff within the credit union would be subject to them.
We have had a number of members contact us to indicate support for this proposal. It is particularly relevant in the context of credit union governance where credit union boards are generally entirely non-executive and volunteer-based as well as being – since credit unions are smaller organisations – closer to day-to-day operations than might be the case in a large firm.
We appreciate that technical barriers to extending the regime in this way had to be removed before this was possible and we appreciate that this option has been taken at this opportunity. Provided the proposal is pursued, ABCUL will do what we can to communicate this to our membership.
We would be happy to discuss this further should you wish to.
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