LAUTRO

An umbrella self-regulator -- the Securities Investment Board -- oversees industry-specific self-regulatory bodies, including the London Stock Exchange, Imro (the Investment Management Regulatory Organization), Lautro (the Life, Annuity, and Unit Trust Regulatory Organization), and Fimbra (which governs independent financial advisers).(86) The future of self-regulation, though, is hard to predict.

'However, in some regulated industries employers may be obliged to provide references under the regulations of the regulated body, for example, LAUTRO,' she said.

The PIA has taken over from Lautro, the regulator for insurance companies, and Fimbra, the regulator of independent financial advisers (IFAs).