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Financial service checks and why are they so important?

Updated: 6 days ago

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 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

Consider the following components when conducting a basic background check on your prospective hire:

  • 3-year employment history check

  • Most recent education check or any education in the last 3 years

  • A basic UK DBS (criminal record check)

Advanced Financial services check

The following checks are recommended to conduct a more advanced check and have more confidence in the person you are hiring:


A 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

Before an employee may be hired to do a specific task, such as investment advice or shareholder pensions and share plans, they must first be approved. You will receive the following results from a Financial Conduct Authority check:

  • Current/previous functions are controlled.

  • Current/previous appointed representative

  • Any disciplinary information.

This will then provide you with all the information you need to make an informed judgement about the person before they start their new job.


How can VettingGateway help?


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.

For more information on how VettingGateway can help you conduct financial service checks click here, or you can sign up for your free starter licence by clicking here.




 

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

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