On 4 February 2016 the FCA issued Policy Statement (PS) PS16/3
entitled 'Strengthening accountability in banking'.
Although predominantly focused on final rules extending the
forthcoming Certification Regime (CR) to wholesale market
activities, the PS also provided an update on the regulatory
reference proposals previously outlined in the joint FCA/PRA
Consultation Paper issued in October 2015. The proposals
focus on the risk posed to consumers and to market integrity if
individuals with a history of questionable conduct, or so-called
"bad apples", are able to move from one regulated entity
to another, without their new employer being aware of any historic
conduct issues.
The FCA, after analysing the feedback it had received, has
considered it appropriate to delay finalising the regulatory
reference proposals until after the commencement of the Senior
Managers and Certification Regime (SMCR). The FCA intends to
issue a further publication in the summer of 2016
