SUP 10C.16 References and accurate information
References
SYSC 22 (Regulatory references) says that if1 a firm (A):3
- (1)
is considering appointing a person (P)1 to perform any1 controlled function or certain other functions1;3
11 - (2)
requests a reference from a firm (B) that is P’s1 current or former employer1; and3
1 - (3)
indicates to B the purpose of the request;3
B should1, as soon as reasonably practicable, give a reference1 to A13
SYSC 22 also requires firms to get a reference before applying to have someone approved as an approved person.1
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The need for complete and accurate information
- (1)
The obligations to supply information to:
apply notwithstanding any:
- (c)
agreement (for example a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)); or
- (d)
any other arrangements entered into by a firm and an employee upon termination of the employee’s employment.
- (c)
- (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.