Conduct is how market participants behave and how they serve the needs of customers. It is about how a business operates as a whole, and it’s driven by the culture and the governance of the organisation.
What conduct do we expect?
We expect financial service providers to conduct themselves in a way that serves the needs of customers. This means a focus on:
treating customers fairly in all interactions
recognising and prioritising customer interests and effectively managing conflicts of interest that arise
giving customers clear, concise and effective information
designing and distributing products that are suitable, work as expected and as represented, and are targeted at appropriate customers
ensuring adequate after-sales care, including complaints and claims handling, and not imposing unnecessary barriers to switching or exiting product or services
effectively monitoring your own conduct, and where relevant, the conduct of suppliers and distributors, to ensure mistakes can be identified, rectified and learnt from.