Policy—regulatory references
Produced in partnership with Simon Morris, Partner and Gillian MacLellan, Partner of CMS

The following Employment precedent produced in partnership with Simon Morris, Partner and Gillian MacLellan, Partner of CMS provides comprehensive and up to date legal information covering:

  • Policy—regulatory references

Policy—regulatory references

    1. 1

      Introduction

      1. 1.1

        The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (together the ‘Regulators’) have implemented rules aimed at minimising the risk of individuals with poor conduct history moving from firm to firm and damaging the financial sector by doing so. Under the rules, regulatory references are required for all candidates applying for regulated functions under the Senior Managers and Certification Regime (SM&CR).

      1. 1.2

        These references are designed to assist prospective employers to assess whether an individual applying for a regulated function is fit and proper to hold that role.

      1. 1.3

        In order to enable a prospective employer to assess the fitness and propriety of a candidate, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years. It is essential that we comply with our regulatory obligations in responding to such requests, as the failure to do so may be a criminal offence under the Financial Services and Markets Act 2000 (FSMA 2000) or, more generally, result in scrutiny from the Regulators.

      1. 1.4

        This policy applies to regulatory references only.

    1. 2

      Application of this policy

      1. 2.1

        This policy applies to anyone carrying out a regulated role at [insert name of company/bank] (Company). This policy relates to prospective, existing

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