Your obligations at the FSA

- Contractual Information -

Money Laundering

You have personal responsibility to report knowledge or suspicion of money laundering. This is in effect, knowledge or suspicion about a firm or person which you form/obtain in the course of your work which links the financial dealings of that firm or person (or its customers, connected persons, etc.) to drug trafficking, terrorist activities or other criminal conduct.

This is not just an internal FSA requirement. There are anti-money laundering laws which create this responsibility and make it a crime not to report. Providing you follow the FSA's reporting procedures, you will comply with the law. The key feature is to report any such knowledge or suspicion to your line manager for onward reporting to the FSA's Deputy Money Laundering Reporting Officer who is Michael Buggy. The Deputy Money Laundering Reporting Officer is the person officially designated within the FSA for disclosing knowledge or suspicion to the Serious Organisational Crime Agency (SOCA).

- Contractual Information -

FSA Code of Conduct

We are responsible for promoting and setting high standards of conduct, so our conduct both as an organisation and as individual employees is likely to come under close scrutiny. It is therefore essential that, in common with many other organisations, we have a Code of Conduct. This provides a framework for managing conflicts of interest and related matters. It also protects employees against any suggestion that regulatory decisions have been influenced by personal interests or that their investment decisions have been influenced by information made available in confidence to the FSA.

Within this framework, the Code has been kept as ‘light’ and practical as possible. For conflicts of interest and personal dealings in shares etc., we intend to rely as far as possible on a regime based on disclosure and pre-notification. Inevitably some restriction on dealings in shares and related investments will be required where you are directly involved in the affairs of the organisation concerned. There are no restrictions relating to the products and services provided by organisations regulated by the FSA, except a requirement for disclosure in certain limited circumstances, such as for example, in the case of disputes where a conflict of interest could arise.

Responsibility for dealing with matters arising from the Code and for monitoring the information disclosed under its provisions fall to the Ethics Officer. Any enquiries that you may have on the personal implications of the Code of Conduct should be raised with the Ethics Officer.

The Code of Conduct is set out in the FSA's Code of Conduct for employees.

Failure to comply with the Code of Conduct and/or the FSA’s standards of conduct or security provisions from time to time will be a disciplinary matter which may lead to dismissal.

Indemnity and Notification Requirements

The FSA will indemnify you (its employees and anyone who is seconded to the FSA or is otherwise acting as a member of its employees) against liability you incur in connection with claims or proceedings brought against you in relation to anything done or not done when working for the FSA. This applies whether proceedings are brought in the UK or overseas. The indemnity will cover any liabilities incurred in connection with such claims or proceedings, including any costs reasonably incurred in defending them, whether or not judgement is given in favour of the employee concerned. If you are seconded or assigned while employed by the FSA, it will, wherever appropriate, as a pre-condition of any secondment, either:

If you are seconded or assigned while employed by the FSA, it will, wherever appropriate, as a pre-condition of any secondment, either:

• expressly confirm in writing that it will continue to idemnify you in line with the terms of this contract throughout the course of the secondment; or
  
• ensure that the organisation you are seconded or assigned to gives you an equivalent indemnity.

The indemnity will not extend to any liability incurred where your acts or omissions are:

• clearly done or omitted to be done in bad faith; or
  
• are clearly outside or inconsistent with the scope your responsibilities under your Contract of Employment with the FSA.

The indemnity is conditional with all of the following requirements. Failure to comply may invalidate or otherwise affect the indemnity. The conditions are that you should:

• inform your manager within FSA and the FSA Company Secretary immediately you become aware of the possibility of a claim against you or the FSA;
  
• avoid any discussion of the matter with the potential claimant, but if this is impossible, keep a written note of the conversation;
  
• under no circumstances admit liability for yourself or the FSA;
  
• not try to settle or compromise or reduce the potential claim;
  
• not seek outside legal advice except with the authority of the FSA General Counsel or Company Secretary;
  
• inform your management within FSA and FSA Company Secretary of any discovery of suspicion of fraud or dishonesty by a past or present employee of the FSA or anyone claiming to act on its behalf.

Confidentiality of information

Except as required to perform your normal duties, you must observe absolute confidentiality concerning the affairs of the FSA. This includes all aspects of the FSA’s business, its committees, tribunals, panels and working groups as well as the firms and individuals which it regulates. Information must be kept confidential even if it is favourable, and not adverse, to the firm or individual concerned. Guidance is available from the General Counsel Division on the circumstances in which FSA and its employees may, in the course of their duties and for regulatory and other purposes, disclose confidential information. You should seek further guidance if you are at all uncertain as to whether confidential information can be disclosed.

You should be particularly discreet in casual, social or other contact with journalists, regulated firms and individuals and other people operating in the financial markets.

Disclosing confidential information without permission may be a criminal offence.

The duty to observe confidentiality is ongoing and does not cease after you leave the FSA.

- Contractual Information -

References

You must not give employment references, whether in the FSA’s name or otherwise, for existing or ex-employees of the FSA. All requests for employment references should be referred to HR Transactions. Requests for financial references should be referred to the HR Helpline.

 

Gifts and hospitality

Under no circumstances will you directly or indirectly offer, pay, request or accept any form of bribery or improper inducement. For more details, please refer to the Policy on the Acceptance of Gifts and Hospitality set out in the FSA's Code of Conduct for employees.

Exclusive employment

While employed by the FSA you are not permitted to undertake any additional employment, whether directly or indirectly, except with the written approval of the FSA. Agreement will not be given where a potential conflict of interest exists, i.e. if the role involves any firm, person or organisation which is or has been regulated, monitored or investigated by the FSA or has applied for authorisation.

Restrictions on external employment include casual or part-time work in your spare time (whether paid or not) and employment includes directorships, trusteeships, school governorship’s, local authority councillorship’s, or provision of services as consultant or agent.

On joining the FSA, you must disclose any external employment, appointment or business interest. You will need to obtain written approval in advance from your Director/Head of Department before continuing with this activity.

Intellectual property

Any intellectual property created or produced during your employment with the FSA or related to work carried out by the FSA may not be used by you except in the performance of your duties. Such work will remain the property of the FSA and you may be required to assign the property rights to the FSA.

Speeches and publications

Any fees received from speeches, articles, attendances at seminars or similar events, in your capacity as an employee of the FSA, must be surrendered to the FSA. If you are writing or publishing any material connected with your work but not commissioned by the FSA, you should seek approval from the Head of Press Office and Events in advance. You are reminded that the publication of confidential information may be considered as gross misconduct and may lead to dismissal.

Media enquiries

In order to help the FSA to maintain a consistent line when dealing with press or other media enquiries, all press enquiries must be referred to the Press Office (020 7066 3232).

If you receive a media enquiry you should not comment on what is being put to you but politely and firmly refer the journalist to the Press Office. You should also contact the Press Office (63232) and inform them of the enquiry.

Only employees in the Press Office, and those authorised by the Press Office, should speak to the media.

There are no exceptions to this requirement and even those authorised to talk to the press (who have all received formal training on dealing with journalists) need to contact Press Office before responding to calls from journalists. This is designed to minimise any risk to individual employees as well as the FSA itself.

Also please remember that the press may be present when employees are speaking at external conferences or events. Don't say anything you would be embarrassed to see in print, particularly during question and answer sessions.

Personal information and notification

We need to keep accurate records of key information on all employees. It is essential that changes such as your home address, telephone number, marital status and whom to contact in the event of an emergency are recorded by you on Chrysalis Self Service.

In order to comply with statutory duties, we need to know of any changes in your personal circumstances, which affect or could affect your employment with the FSA. You must inform your line manager or HR Helpline of changes in your health so that, if applicable, we can comply with our statutory obligations to make reasonable adjustments to enable you to continue working. You are also required to notify your line manager and your HR BP if you are disqualified from driving or are involved in any other criminal or civil case (including County Court judgements). Any such information will be treated in strictest confidence

Financial difficulties

Whilst you are expected to manage your financial affairs responsibly, it is possible for unexpected circumstances to cause financial difficulty or hardship. Should you find yourself in such circumstances, you must notify the HR Helpline who will be able to advise you on the availability of appropriate counselling. Whilst information will be treated in the strictest confidence, your the HR Helpline reserves the right to inform your Director/Head of Department when it is necessary and reasonable to do so.

Conduct

We are an important, high profile organisation. Your conduct contributes significantly to our reputation. For this reason, we require you to be pleasant, polite and considerate to other employees and to outside contacts.

Appearance

You are required to be neat and tidy in appearance at all times whilst at work. You must wear appropriate business dress, which is fit for the purpose, while at work and outside working hours when representing the FSA or attending FSA or other functions on behalf of the FSA. While you have discretion to decide what is appropriate dress, line managers retain responsibility for the interpretation and application of this.