The FCA provides a template which all firms should use when providing a regulatory reference.[1] This can be found in Annex 1 of SYSC 22 and details a baseline minimum of information which must be provided by firms. Minor formatting changes to the FCA template are permissible, but all relevant information must be included.[2]
Firms are also free to provide more information if they wish (this is called “Additional Materials”).[3] They may also add qualifying information if they want to (for example, information about mitigating circumstances).[4]
At a minimum, the FCA Regulatory Reference template requires the following information to be disclosed[5]:
- the name, contact details and firm reference number of the firm providing the reference (or names, contact details and firm reference numbers (where applicable) of group firms providing a joint reference);
- the individual’s name (i.e. the subject of the reference);
- the name, contact details and firm reference number of the firm requesting the reference;
- the date on which the reference was requested;
- the date of the reference itself;
- whether the individual has performed a certification function or been an approved person in the last six years;
- whether the individual was:
- a notified non-executive director;
- a credit union non-executive director;
- a key function holder (other than a controlled function);
- a non-SMF board director; or
- whether the individual performed any other role.
- whether the firm concluded that the individual was fit and proper to perform his/her role (and associated detail if the individual was held to be NOT fit and proper);
- disclosure of any other information that may be relevant to a fit and proper assessment.
[1] SYSC 22.4.1G
[2] SYSC 22.4.2R
[3] SYSC 22.4.6R
[4] PS16/22 “Strengthening accountability in banking and insurance: regulatory reference final rules”, page 11
[5] SYSC 22.2.2(4)