Part 2: Financial Services Section 24: Rules of conduct
This section amends section 64A of FSMA to extend the power of the PRA and the FCA to make rules of conduct, so that that they can make rules of conduct in relation to directors of authorised persons, as well as their employees and approved persons. It also amends section 64B of FSMA to ensure that the duty of the authorised person to ensure that anyone subject to conduct rules is aware of the rules that apply to them also applies in relation to their directors, and, by omitting subsection (5) to remove the statutory duty for firms to report to the regulator when they know or suspect that someone in the firm has failed to comply with conduct rules.