SUP 10C.16 References and accurate information

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

1. (1)

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

2. (2)

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

3. (3)

   indicates to B the purpose of the request;

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

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

1. (1)

   The obligations to supply information to:

   1. (a)

      the FCA under this chapter;

   2. (b)

      [deleted]

   apply notwithstanding any:

   1. (c)

      agreement (for example a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)); or

   2. (d)

      any other arrangements entered into by a firm and an employee upon termination of the employee’s employment.

2. (2)

   A firm should not enter into any such arrangements or agreements that could conflict with its obligations under this chapter.

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