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Employment law update: FCA and PRA consult on regulatory references

Posted on 30th October 2015 in The Lodders Blog

The obligations on regulated businesses is to become even more onerous in order to try and achieve even more transparency; with the objective of enabling organisations who might be recruiting to make decisions on up to date information. Nick Rowe, employment solicitor and head of employment law at Lodders’ Cheltenham office, explains.

On 6 October 2015, the FCA and PRA issued a joint consultation paper on regulatory references as part of the wider package of reforms that aim to improve accountability in banks and insurers. The regulators are proposing changes to the way affected firms and insurers seek and provide references for candidates of certain roles.

In the consultation, the FCA and the PRA set out proposals for regulatory references for candidates applying for senior management functions and other key roles under the senior managers regime (SMR) and the senior insurance managers regime (SIMR).

It is proposed that affected firms and insurers will be required to update any previous reference given in the past six years, where they become aware of matters that would cause them to draft that reference differently. In addition, relevant firms will be required to request regulatory references from former employers of candidates applying for certain senior management roles, going back six years.

The closing date for comments is 7 December 2015, with the FCA and the PRA intend to publish the final rules in a policy statement in early 2016. The new accountability regime will come into force on 7 March 2016.

Lodders’ employment solicitors offer accurate, focused and solution-based legal advice from our offices in Stratford upon Avon and Cheltenham to a wide range of clients, who require assistance with the complexities of employment law. For help or advice please contact Nick Rowe on 01242 229096 or drop him an email.

Nick Rowe, Lodders Solicitors

Nick Rowe, Lodders Solicitors

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