Financial service checks: Why are they so important?
Updated: Jul 12
As the regulatory landscape for the global financial services industry continues to rapidly shift, so does the demand for a streamlined onboarding process to recruit and retain top employees. VettingGateway can help meet these needs by implementing smart technology and partnerships to provide a streamlined candidate experience, industry-leading turnaround times, and innovative solutions to meet regulatory needs.
The financial services industry is stricter than most other private sector industries, so a thorough background check is required. It is critical that you conduct initial background checks on individuals and that you routinely complete these checks during the duration of the employment. This will not only dissuade an individual intending to commit a financial crime but will also ensure your company's compliance.
Potential candidates in financial and professional services should embody the core values that your company represents. Conducting financial checks is vital to ensure that you have selected the right candidate; this will assist you in hiring someone who will represent the company's values throughout their career.
Checks for Financial services
We understand that vetting in financial services is a complex environment, and that the checks you need for employees differ from those required for individuals within scope of the Senior Managers Certification Regime (SM&CR).
Using VettingGateway you can create bundles of checks to suit each requirement, from entry level positions through to senior managers. Good practice when vetting entry level positions should comprise the following:
· 3-year employment history check
· Most recent education check or any education in the last 3 years
· A basic UK DBS (criminal record check)
Depending on the role or sector, you may also need to consider the following:
· Financial conduct authority check which looks at the financial services register
· An adverse financial check to search financial data for CCJ’s, bankruptcies and more
· An identity check to satisfy yourselves that the person is who they say they are
Regulatory Checks for applicants performing Controlled or Certification Functions
In order for a candidate to be hired to perform a controlled or certification function you will need to carry out an enhanced level of checks to assess their suitability for the role as part of your recruitment process.
VettingGateway is able to provide the necessary checks for this, which can be bundled together as per your specific requirements to make it quick and easy to select the right checks every time. These include:
· Credit check
· Qualification check
· Directorship check
· 6-year background check including regulatory reference.
· Criminal record check
This will then provide you with all the information you need to make an informed assessment about the suitability of the person and fulfil your regulatory obligations.
More about VettingGateway
VettingGateway background checks can be completed quickly and easily through the easy-to-use online platform. Each check will be requested with the click of a button, and the results will be supplied directly into the tool for you to review.
With VettingGateway you can develop your own set of reference standards by compiling a set of the checks and implementing them as a bespoke referencing standard for your company.
Simply join up for our business subscription and choose from our range of checks such as an Identity check, a Basic UK DBS, Directorship check, or FCA checks, and select the number of years referencing you want from your candidate.
VettingGateway can help streamline these background checks by introducing cutting-edge technology and partnerships that will help provide a streamlined candidate experience, industry-leading turnaround times, and creative solutions for all final financial checks.
The information Provided by VettingGateway in this blog was published on the 21/04/2022, all information was relevant at the time of publishing however as our landscape is forever changing this information may not remain valid.
*Average 21 day turnaround for aviation background checks correct as of 01/04/2022