The PRA has published an update on regulatory references. In October 2015, the PRA and the FCA jointly published a consultation paper entitled “Strengthening accountability in banking and insurance: regulatory references”. This paper proposed requirements relating to the content and format of the employment references for individuals subject to the Senior Managers and Certification Regime, Senior Insurance Managers Regime, key function holders and notified non-executive directors.
The consultation period closed in December 2015 and 30 responses were received by the regulators. The update seeks to provide feedback on the responses received and sets out next steps. Several issues were raised within the responses, some of which included how best to update regulatory references, how to obtain regulatory references from overseas employers and the timeline for the implementation of the regime.
The PRA intends to issue rules in mid-February 2016, which will take effect on 7 March 2016. Following this, a second set of rules will be released in conjunction with the FCA to cover possible gaps that the consultation feedback highlighted.