UK wants five-year references for bankers to prevent them covering up past misconduct

Financial firms hiring senior staff will need references going back a minimum of five years to prevent bankers covering up past misconduct, the Bank of England said yesterday, ditching an earlier proposal for a longer period.

The first batch of rules on such references, published by the Bank of England’s Prudential Regulation Authority, come into force on March 7.

The aim is to ensure that formal, detailed references are obtained for hiring people to roles like non-executive directors and senior managers at banks and insurers.