On 3 May the FCA published a policy statement introducing final rules to extend the conduct rules in the Code of Conduct sourcebook (COCON) to standard non-executive directors (“NEDs”) in banks, building societies, credit unions, dual-regulated investment firms (banks) and insurance firms. (The PRA refers to standard NEDs in banks and insurers as “notified NEDs”). The aim of doing so is to raise the standards of conduct and reduce future misconduct and mis-selling. Standard NEDs are those not subject to regulatory pre-approval under the senior managers and certification regime (“SM&CR”), the senior insurance managers regime (“SIMR”) or the FCA-revised approved persons regimes for insurance firms. The policy statement appends the final rules which are contained in the Individual Conduct Rules (Non-Executive directors) Instrument 2017, and come into force on 3 July 2017. The policy statement flags up that those affected by the changes will need to make sure that standard NEDs receive appropriate training on COCON, and that any breaches of COCON by standard NEDs resulting in disciplinary action are reported to the FCA using form H (this applies only to banks at present). For the first reporting period, the notification must cover breaches occurring between 3 July 2017 and the end of August.