Many roles within the financial sector are inspected by the FCA (Financial Conduct Authority) due to the easy access employees have to their customer’s private data. Get in touch for support with your requests and certificate storage.
While a criminal record should not necessarily prevent a candidate from being offered a position, any records regarding fraud or theft, for example, would mean that potential employers would need to consider the risk to their reputation and their customers.
Types of financial service DBS Checks
If a candidate works in financial services or plans on working in the financial sector in the future, they’ll likely need a DBS check before doing so.
It is recommended that DBS checks be carried out for any financial roles being filled. This includes:
And anyone who has access to your customer’s private information. However, the check required depends on the specific responsibilities of the role. You will have to choose between requesting a Basic, Standard or Enhanced DBS check.
Who needs a DBS check in Finance?
DBS checks assess suitability and help ensure that it’s appropriate for a prospective employee to take on a role. While there is no legal obligation to carry out regular checks on all employees, it is highly recommended that you update your records every three years.
A DBS check must be completed for anyone operating within a bank, building society and credit union under the Financial Services and Markets Act 2000 to comply with the FCA. There are additional roles where a DBS check is required, and it is your responsibility as an employer to understand when and what check is required.
Baic DBS Checks For Financial Roles
Basic DBS checks focus on criminal records and can be requested by either an organisation or the job applicant. It provides peace of mind to prospective employers as it will highlight any recent unspent convictions.
Standard DBS Checks For Financial Services
The majority of roles within the financial services will require a Standard DBS check, highlighting both spent and unspent convictions, reprimands, cautions or warnings against the candidate.
To meet the criteria for a Standard DBS check, the job in question must be mentioned as requiring one within the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975. This includes, but is not limited to, chartered accountants and financial service positions.
Enhanced DBS Checks For Financial Services
An Enhanced DBS check includes everything that would show up in a Standard check and any information held by the local police force deemed relevant to share for potential employment purposes.
Credit Checks For Financial Services
Legal and financial firms are legally obligated to run a credit check on their future employees. This will determine whether the candidate is who they say they are and establish how much risk the applicant carries in terms of their money management skills.
Suppose the applicant’s credit history is poor. In that case, they may be rejected for a job, particularly if they would be responsible for handling other people’s financial affairs, offering advice on fiscal matters and making decisions regarding customer finances.
A credit check is separate from a DBS check and will not supply any information regarding the prospective employee’s criminal record.
Why Choose Care Check For Your DBS Check?
Whatever role you are looking to fill within the financial services, you can expect a quick DBS check when you partner with us. All applications, checks and certificates can be completed and stored online; meaning we can often have checks back on the same day the application is submitted. We can promise that your data is safe and secure with us, as we are Cyber Essentials and Cyber Essentials Plus accredited.
We are also on hand to offer any help or advice regarding legislation and can point you in the right direction if you are unsure of which type of check you should carry out.
Call us on 0333 777 8585 to begin the process or ask any additional questions
Frequently asked questions about DBS checks for financial service roles
While there is no law stating that you must undergo a DBS check to work in the financial services sector, many organisations will request a check to comply with the FCA. This would include roles that include:
- Overseeing a regulated firm’s systems and/or controls
- Serving as director of a regulated firm
And more. As different controlled functions will apply to different companies depending on the services provided, it’s advisable to understand what role will require a DBS check.
This depends on what financial services role you are applying for and whether the organisation needs to comply with FCA regulations. If you had a DBS check carried out at a previous position, your employer might allow you to start work while your updated check is pending.
DBS checks at any level are only relevant up until the date the certificate was issued; therefore, it is at your employer’s discretion whether you begin work before the updated check is completed.
In addition to the DBS and credit check, an employer may request an adverse credit check be carried out. This will highlight:
- County court judgements
- Individual voluntary arrangements
Against the candidate.
This check can give employers additional peace of mind, particularly if the role involves access to accounts, money or valuables.
An identity check can also be requested as part of the financial services recruitment process. This will check the information the applicant provides against:
- The electoral roll
- Information stored by credit referencing agencies
- Telephone database
This is particularly useful when cross-referenced with the information provided for a DBS or other check that is required to work within the financial sector.