The FCA states that all Regulatory Reference requests should be actioned within seven days, which can be a hard deadline to meet. Corterum makes managing these reference requests easy. in Corterum you can:
Record any correspondence received as part of a reference request.
Log the reference request itself.
Generate the reference to be sent
Recording correspondence received as part of a reference request
It is a good idea to keep a record of all incoming documentation requests received as part of a reference request made to you by a third party, so it is clear when requests, updates, or additional communications were received by you.
To do this you would:
Log into Corterum as an administrator.
Select WORKBENCH on the top menu.
Then click DATASETS on the left hand side.
A selection of named tiles will appear.
By clicking on the tiles, navigate to SM&CR > CERTIFICATION REGIME > REGULATORY REFERENCES > REGULATORY REFERENCES TRACKING > INCOMING CORRESPONDENCE.
A list of any correspondence received (if any has been logged, will appear).
All correspondence is linked to the Business entity that created it and is grouped together into one table dataset. If you don't see the company named, you'll need to create a new register. Follow the steps below from point 10.
If you are adding a new record to an existing log of correspondence from a company - or amending the details of an existing piece of correspondence, click on that log, and a new pop-up box will appear.
Click EDIT, then either amend an existing row (by following the steps below from point 14 onwards), or click ADD ROW to add a new record of reference provision, then follow on from point 14 below.
To generate a new register of references provided, click the PLUS (+) symbol next to INCOMING COMMUNICATIONS in the middle of the screen.
A new pop-up box will appear with a table dataset.
You can give this a description in the Dataset Description section at the top of the pop-up box to help you identify it.
Then choose the Business entity that has requested the reference from the dropdown list under Incoming communications. NB - if the business you are sending the request to doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
Then you can begin filling out the table dataset with the details of the Regulatory Reference that you have provided. Each request is its own Row in this table.
Looking across the table from left to right you can:
Use the Identification number text box to give this piece of correspondence a unique reference number - useful when referring back to specific comms.
Use the dropdown under Reference requested by to choose which third-party Business entity has requested the reference. (Again, if the business you are sending the request to doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
Use the Reference subject dropdown field to specify which person the reference is about.
Use the Nature of communication dropdown to specify the type of communication received.
If you selected 'Other' in point d above, you can use the text box under Nature of communication (if other) to specify the reason for the communication.
Use the date picker under Date of receipt to record when the communication reached you.
Use the date picker under Date of response to record when you responded to the communication.
Use the dropdown box under Request refused/approved to record whether your firm agreed to the request.
Use the Details text box to record the reasons for any acceptance/refusal.
Finally you can click the button under Documents to upload any supporting documents that may be required for this request.
Once done, if you need to add an additional reference request click ADD ROW and repeat the steps under point 14 above.
Finally, click SAVE and then CLOSE.
Logging Regulatory References sent.
Once you have created the reference and sent it to the requestor, it may be a good idea to log the reference as sent in Corterum, in case of any future queries.
To do this:
Log into Corterum as an administrator.
Select WORKBENCH on the top menu.
Then click DATASETS on the left hand side.
A selection of named tiles will appear.
By clicking on the tiles, navigate to SM&CR > CERTIFICATION REGIME > REGULATORY REFERENCES > REGULATORY REFERENCES PROVIDED.
Clicking on that box will bring you to where a log of references is stored by Company that has requested it. Each requesting Company has its own separate log. If you don't see the company named, you'll need to create a new register. Follow the steps below from point 9.
If you are adding a new reference to an existing log of references provided for a company - or amending the details of an existing reference request, click on that log, and a new pop-up box will appear.
Click EDIT, then either amend an existing row (by following the steps below from point 13 onwards), or click ADD ROW to add a new record of reference provision, then follow on from point 13 below.
To generate a new register of references provided, click the PLUS (+) symbol next to REGULATORY REFERENCES PROVIDED in the middle of the screen.
A new pop-up box will appear with a table dataset.
You can give this a description in the Dataset Description section at the top of the pop-up box to help you identify it.
Then choose the Business entity that has requested the reference from the dropdown list under Regulatory Requests provided. NB - if the business you are sending the request to doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
Then you can begin filling out the table dataset with the details of the Regulatory Reference that you have provided. Each request is its own Row in this table.
Looking across the table from left to right you can:
Record the Date you sent the reference to the company by using the date picker under this section.
Use the dropdown box under Reference subject to identify who the reference is for.
Use the Reference requested by dropdown to identify which company requested the reference. Again, if the business you are sending the request to doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
Use the date picker under Date request received to log the date that the company requested the reference from you.
Use the date picker under Date of response to log the date that you responded to the request.
Use the text box to record the Role which is the subject of the reference - i.e the role that the person is moving to.
Use the text box to record the Background to the request and information being requested to provide the context of the request.
Use the text box to record the Requesting firm's reference number.
Use the dropdown to confirm whether the Contents of reference verified? Firms should not disclose unverified information to reference requestors.
Use the text box under Summary of verification steps to record the process used to verify the disclosed information.
Use the Additional information requested table dataset to record if the company receiving the reference has requested additional information - and your firm's response to that request (see below).
Use the Revised references table dataset to record whether a revised reference has been sent to the firm - if additional information that would impact the reference has come to light after it has been sent - as per FCA rules.
Use the Subject contact attempts table dataset to evidence attempts to contact the subject. This should only used if you have revised the reference in a way that contains information adverse to the individual.
Use the Subject comments on reference table dataset to evidence any response received from the subject if contact has been made as per point m above.
Finally you can click the button under Documents to upload any supporting documents that may be required for this request.
Once done, if you need to add an additional reference request click ADD ROW and repeat the steps under point 14 above.
Finally, click SAVE and then CLOSE.
Additional information requested
If you are editing an existing reference and this section has been used previously, the button will say VIEW TABLE (click it and skip to Step 7 of this section). If this is the first time this section has been used, the button will say LINK TABLE.
Click the button and a new pop-up will appear.
This pop-up asks if you want to create a new dataset, or link to an existing one. If you have recorded this information elsewhere - in another reference request, click the Existing button and choose which dataset you want to link from the the list under Linked Entity. Otherwise, you'll need to create a new table dataset. Select New.
Once you have chosen New or Existing, click CONFIRM to proceed or CANCEL to go back to the regulatory reference request record.
A new pop-up box will appear.
You can give a descriptive name to this dataset under Dataset description, and then choose the subject of the additional information request from the dropdown list next to Additional information requests.
If this is a blank table, with no information in it currently, skip to step 8. Otherwise if there is already information here you can update an existing row here by clicking the EDIT button, or add a new additional information request for the same person here by clicking ADD ROW, and following the steps below.
In this table dataset you can:
Use the date picker under Date of request for additional info to record when the additional information request was received.
Use the text box under Additional information requested to record the details of the request - for example, they may request to see documentation from disciplinary action, and you would record that here.
Use the dropdown under Additional information request approved to record whether your firm agreed to provide the information.
Use the date picker under Date of approval/refusal to confirm the date the firm made its decision.
Use the date picker under Date additional info sent to record the date the firm sent the information to the requestor (if they did).
Finally, you can use the button under the Documents section to upload any necessary supporting documents.
Once done, if you need to add another additional information request click ADD ROW and repeat the steps under point 8 above.
Finally, click SAVE and then CLOSE.
Revised references
If you are editing an existing reference and this section has been used previously, the button will say VIEW TABLE (click it and skip to Step 7 of this section). If this is the first time this section has been used, the button will say LINK TABLE.
Click the button and a new pop-up will appear.
This pop-up asks if you want to create a new dataset, or link to an existing one. If you have recorded this information elsewhere - in another reference request, click the Existing button and choose which dataset you want to link from the the list under Linked Entity. Otherwise, you'll need to create a new table dataset. Select New.
Once you have chosen New or Existing, click CONFIRM to proceed or CANCEL to go back to the regulatory reference request record.
A new pop-up box will appear.
You can give a descriptive name to this dataset under Dataset description, and then choose the subject of the revised reference from the dropdown list next to Outgoing reference revisions.
If this is a blank table, with no information in it currently, skip to step 8. Otherwise if there is already information here you can update an existing row here by clicking the EDIT button, or add a new additional information request for the same person here by clicking ADD ROW, and following the steps below.
In this table dataset you can:
Use the date picker under Date revised reference dispatched to record when the revised reference was sent.
Use dropdown under Revised reference sent to to record the details of which company the revised reference was sent to.
Use the text box under Details to record why it was necessary to issue a revised reference.
Finally, you can use the button under the Documents section to upload any necessary supporting documents.
Once done, if you need to add another additional information request click ADD ROW and repeat the steps under point 8 above.
Finally, click SAVE and then CLOSE.
Subject contact attempts
If you are editing an existing reference and this section has been used previously, the button will say VIEW TABLE (click it and skip to Step 7 of this section). If this is the first time this section has been used, the button will say LINK TABLE.
Click the button and a new pop-up will appear.
This pop-up asks if you want to create a new dataset, or link to an existing one. If you have recorded this information elsewhere - in another reference request, click the Existing button and choose which dataset you want to link from the the list under Linked Entity. Otherwise, you'll need to create a new table dataset. Select New.
Once you have chosen New or Existing, click CONFIRM to proceed or CANCEL to go back to the regulatory reference request record.
A new pop-up box will appear.
You can give a descriptive name to this dataset under Dataset description, and then choose the subject of the revised reference from the dropdown list next to Reference subject communication attempts.
If this is a blank table, with no information in it currently, skip to step 8. Otherwise if there is already information here you can update an existing row here by clicking the EDIT button, or add a new additional information request for the same person here by clicking ADD ROW, and following the steps below.
In this table dataset you can:
Use the date picker under Contact attempt to record when your firm attempted to make contact with the subject of the revised reference.
Use the dropdown box under Method of Contact to record the details of which company the revised reference was sent to.
Use the text box under Method of contact (if other) to record which method of communication you used (if you selected other in point b above.)
Use the dropdown box under Contact attempt successful? to record whether you were able to reach the subject of the revised reference.
Use the date picker under Date contact made to record the date on which you managed to reach the subject of the reference.
Use the text box under Details to record any context or information around this contact.
Finally, you can use the button under the Documents section to upload any necessary supporting documents.
Once done, if you need to add another contact attempt (it may take more than one to be successful) click ADD ROW and repeat the steps under point 8 above.
Finally, click SAVE and then CLOSE.
Subject comments on reference.
If you are editing an existing reference and this section has been used previously, the button will say VIEW TABLE (click it and skip to Step 7 of this section). If this is the first time this section has been used, the button will say LINK TABLE.
Click the button and a new pop-up will appear.
This pop-up asks if you want to create a new dataset, or link to an existing one. If you have recorded this information elsewhere - in another reference request, click the Existing button and choose which dataset you want to link from the the list under Linked Entity. Otherwise, you'll need to create a new table dataset. Select New.
Once you have chosen New or Existing, click CONFIRM to proceed or CANCEL to go back to the regulatory reference request record.
A new pop-up box will appear.
You can give a descriptive name to this dataset under Dataset description, and then choose the subject of the revised reference from the dropdown list next to Reference subject comments (outgoing references).
If this is a blank table, with no information in it currently, skip to step 8. Otherwise if there is already information here you can update an existing row here by clicking the EDIT button, or add a new additional information request for the same person here by clicking ADD ROW, and following the steps below.
In this table dataset you can:
Use the radio button to select whether the subject has been given an opportunity to comment on the revised reference under Subject given opportunity to comment?
Use the date picker under Date subject given opportunity to comment to record when you afforded the reference subject this opportunity.
Use the dropdown box under Subject elected to comment to record whether the subject chose to provide comments.
Use the date picker under Date of comments/refusal to record the date on which the subject either provided comments or refused to provide them.
Use the text box under Comments tab to record the detail of the subject's comments.
Finally, you can use the button under the Documents section to upload any necessary supporting documents.
Once done, if you need to add another contact attempt (it may take more than one to be successful) click ADD ROW and repeat the steps under point 8 above.
Finally, click SAVE and then CLOSE.
Generating the reference request
Corterum collates all needed information for a Regulatory Reference into one document - in just a few clicks. Here's how:
Log into Corterum as an administrator.
Select REPORTING on the top menu.
Then click REGULATORY REFERENCES on the left hand side.
A list of people entities will appear.
Click on the person entity for whom you want to provide a Regulatory Reference.
You'll see a list of previously created references (if any have been created historically).
To create a new regulatory reference click the PLUS (+) symbol next to 'Generate a blank template with data available'.
A new pop-up window will appear with all the details for the reference.
From here you can scroll through the entire report, to see if you're happy with its contents.
If you're happy, you can choose click the button to SAVE REPORTS TO DOCUMENTS, which will save this report in Corterum, and link it to the person entity for whom you have run the report.
A new pop-up will appear which allows you to select whether to download as a PDF or an editable Microsoft Word (DOCX) file. Make your choice, and click SAVE.
If you are done with the Report, then click CLOSE.
In addition, you can also click DOWNLOAD REPORT to save it to your computer.
A new pop-up will appear which allows you to select whether to download as a PDF or an editable Microsoft Word (DOCX) file. Make your choice, and click DOWNLOAD.
The file will then be downloaded to your computer, and the dialogue boxes will all close.
So, if you would like to both save the file to documents and download a copy, you would need to save to documents within Corterum first, then download it.