SUP 10A.15 References and accurate information

1. (1)

   1SYSC 22 (Regulatory references) says that if1 a firm (A):

   1. (a)

      is considering appointing a person (P)1 to perform any1 controlled function or certain other functions1;

   2. (b)

      requests1 a reference from a firm (B) that is P’s1 current or former employer1; and

   3. (c)

      indicates to B the purpose of the request;

   B should1, as soon as reasonably practicable, give a reference to A1.

2. (2)

   This applies even if A is a firm to which SUP 10C (FCA senior management regime for approved persons in relevant authorised persons) applies rather than this chapter. 1

3. (3)

   SYSC 22 also requires certain insurers to get a reference before applying to have someone approved as an approved person. 1

The obligations to supply information to1 the FCA under either SUP 10A.14.8R or SUP 10A.14.10R1

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 and an employee upon termination of the employee's employment. A firm should 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.