The FCA and PRA have published new policy statements relating to regulatory references under the new accountability regimes for banks and insurers, which will come into force on 7 March 2017 (see FCA PS16/22 and PRA PS27/16).

Banks and insurers will have to comply with the new rules in the policy statements for all candidates being recruited to senior management functions, senior insurance management functions, FCA-controlled functions or significant harm functions from that date onwards.

The change will coincide with the implementation of the full certification regime and application of Conduct Rules to “other conduct staff”.

Please see our full briefing here for analysis of how this new regime will work in practice.