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Application provision

1.1 Unless otherwise stated, this Part applies to a small non-directive insurer.

3.1

02/05/2017

  1. (1) If any PRA-authorised person (A):
    1. (a) is considering issuing a certificate to, making a senior management application in respect of, or appointing as a senior insurance management function holder, a key function holder, a non-executive director, a notified non-executive director or a credit union non-executive director, a person (P);
    2. (b) makes a request for a reference or other information in respect of P from a firm to which this Part applies (B), in B’s capacity as:
      1. (i) P’s current or former employer; or
      2. (ii) an organisation (not falling within (i)) at which P is currently serving, or has served, as a senior insurance management function holder, other approved person or non-executive director; and
    3. (c) indicates to B the purpose of the request
    4. B must, as soon as reasonably practicable, provide a reference and disclose to A in the reference all information of which B is aware that B reasonably considers to be relevant to A’s assessment of whether P is fit and proper.
  2. (2) A firm (B) which is required to make a disclosure under 3.1(1) is required to disclose information on or relating to something which occurred or existed:
    1. (a) in the six years before the request for a reference; 
    2. (b) between the date of the request for a reference and the date B gives the reference; or
    3. (c) in the case of serious matters, at any time.

3.2

07/03/2017

A firm must not enter into any arrangements or agreements with any person that limit its ability to disclose information under this Part.

3.3

07/03/2017

This Part does not require a firm to disclose information that has not been properly verified.

3.4

07/03/2017

A firm does not breach the requirements of this Part by failing to include information in a reference that it would otherwise have to include if:

  1. (1) the reason for the omission is that the firm does not have the necessary records; and
  2. (2) no requirement of or under the regulatory system requires the firm to have those records.