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FINANCIAL SERVICES : Prepare for tough new rules on employee references

02 December 2016  

Sarah Ozanne discusses the forthcoming requirement for banks to share information on any impropriety committed by employees who are looking for a new, senior job in the sector

The new regime to improve individual accountability in the banking sector came into force on 7 March 2016. It originated from the recommendations of the Parliamentary Commission on Banking Standards following its review of the banking system after the financial crisis. The Commission found the Approved Persons Regime to be a ‘complex and confused mess’ and that it had failed as a means for the regulators to engage with individual bankers.

 

 

Last modified on 05 December 2016