New rules on regulatory references postponed
The FCA has confirmed that it has postponed the introduction of new rules on regulatory references. The new rules will not now be in place on 7 March 2016 when the new Senior Managers and Certification Regimes come into force. This is because responses to the consultation have raised a number of complex issues which it will need to consider further before final rules can be made.
It will therefore, as an interim measure, continue the current reference requirements under the approved persons regime for pre-approved roles in relevant firms and insurers. It intends to publish the final rules in Summer 2016.
The proposed changes were set out in a consultation in October 2015.
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