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Monthly Archives

December 2019

Do you have to give a reference?

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Currently no, however, there is proposed legislation which will prevent employers withholding references to protect individuals who have faced discrimination/harassment from being intimidated.  It isn’t clear whether this will be implemented or not at this time.

The advice – just give a basic reference with start date, end date and job title!

FCA update:

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The Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for solo-regulated firms from 9 December 2019. The regime aims to reduce harm to consumers and strengthen market integrity. It sets a new standard of personal conduct for everyone working in financial services.

The SM&CR encourages greater individual accountability and sets a new standard of personal conduct in financial services by:

  • ensuring senior managers are accountable for conduct in their areas of responsibility
  • ensuring a minimum standard of behaviour for everybody working in the sector through our 5 Conduct Rules
  • enhancing professionalism in the industry by requiring firms to certify that their staff are fit and proper

https://www.fca.org.uk/firms/senior-managers-certification-regime/solo-regulated-firms

What to expect in 2020….

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  • The Good Work Plan – outlines an intention to legislate to improve working conditions for agency workers, zero-hour workers and other atypical workers, although many of the measures do not yet have specific timescales. The measures for which legislation has already been published are mostly due to come into force in April 2020.

 

  • Mandatory reporting of the ratio between CEO pay and average staff pay for companies with 250 or more employees, and a package of other corporate governance changes, all of which will be effective for accounting periods beginning on or after 1 January 2019 (and so the first pay ratio reports will be published in 2020).

 

  • Consultation should close on Ethnicity gap reporting, Employment Status clarification and Salary Sacrifice Schemes.