SUP 10A.15 References and accurate information

1. (1)

   SYSC 22 (Regulatory references) says that if a firm (A):

   1. (a)

      is considering appointing a person (P) to perform any controlled function or certain other functions;

   2. (b)

      requests a reference from a firm (B) that is P’s current or former employer; and

   3. (c)

      indicates to B the purpose of the request;

   B should, as soon as reasonably practicable, give a reference to A.

2. (2)

   SYSC 22.8.3R and SYSC 22.8.4R (Appointed representatives) say that this applies to B’s appointed representatives as well as to B.

3. (3)

   [deleted]

The obligations to supply information to the FCA under either SUP 10A.14.8R or SUP 10A.14.10R apply notwithstanding any agreement (for example a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)) or any other arrangements entered into by a firm or its appointed representative and an employee upon termination of the employee's employment. A firm should not (and should ensure that its appointed representatives do not) enter into any such arrangements or agreements that could conflict with its obligations under this section.

Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.