The Financial Conduct Authority (FCA) has backtracked on a proposal to require firms to keep 'orderly' records for reference purposes, following a consultation on a number of a proposals designed to improve the regulatory reference process.
In its policy statement ‘Strengthening accountability in banking and insurance: regulatory references and final rules', the regulator said it will not implement legislation requiring orderly records to be kept. The consultation - which was based on "maintaining the existing requirement for firms to provide all information relevant to an individual's fitness and propriety, on receipt of a request for a reference in relation to a candidate for a pre-approved role" - attracted dozens of responses from interested parties. Despite the proposed record-keeping proposal being avoided, the r...
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