ABSTRACT
Regulation has sought to impose control upon the content of a reference. The final details of the regulatory reference regime for dual-regulated firms were published by the regulators on 28 September 2016, and apply with effect from 7 March 2017. This chapter refers to that regime, and concentrates on the position from 7 March 2017. Under the Certification Regime, the responsibility for determining the fitness and propriety of an employee now rests with the employer. In February 2016, the FCA published interim rules to apply from the commencement of the Senior Managers Regime on 7 March 2016 until such time as the FCA was in a position to publish further rules. The PRA has recorded that it is aware that obtaining references from overseas firms may not be possible because of local restrictions. A PRA-or FCA-defined full-scope regulatory reference firm should use and complete the regulator's mandatory template.
