Regulatory references: rolling bad apples will keep on rolling | Practical Law
From 7 March 2016, under rules proposed by the FCA and the PRA relating to the senior managers and certification regime (SM&CR), banks, building societies, credit unions and PRA investment firms, together with insurers within the scope of the Solvency II Directive (2009/138/EC), must provide regulatory references for certain employees. This article considers what this obligation could mean for firms.