If a firm, which is subject to the SM&CR, provides a regulatory reference but subsequently becomes aware of matters or circumstances which would (a) have required it to give a different reference, (b) concluded that the individual who was the subject of the reference was not fit and proper, or (c) would have resulted in it taking disciplinary action against the individual (had the individual still been employed with the firm), it must make reasonable enquiries as to the identity of the individual’s current employer and give details of the differences as soon as reasonably possible. It’s worth noting that the obligation is only to make reasonable efforts to update the current employer.
Individuals should have the opportunity to comment on any update to any regulatory reference.
Firms are obliged to confirm whether they employ an individual if asked by a previous employer of that person seeking to update a regulatory reference.
 SYSC 22.2.4R
 PS16/22 “Strengthening accountability in banking and insurance: regulatory reference final rules”, page 13
 SYSC 22.6.5G
 SYSC 22.2.7R