SUP 10A.15 References and accurate information
References
- (1)
1SYSC 22 (Regulatory references) says that if1 a firm (A):
- (a)
is considering appointing a person (P)1 to perform any1 controlled function or certain other functions1;
- (b)
requests1 a reference from a firm (B) that is P’s1 current or former employer1; and
- (c)
indicates to B the purpose of the request;
B should1, as soon as reasonably practicable, give a reference to A1.
- (a)
- (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)
SYSC 22 also requires certain insurers 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
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.