DBS Checks Online For Financial Services
DBS Checks In The Financial Sector
The majority of roles within the financial sector require a DBS check as they involve handling sensitive data and financial information. It’s important to know which ones need DBS checks and the level required.
Why are DBS Checks Required for Financial Services Employees?
DBS checks are now a common part of the recruitment process and ensure that employers can hire the right candidate for the position available
Many jobs in the financial sector will involve working with vulnerable groups and handling other people’s money, DBS checks ensure that this is done safely and by the right people.
Standard DBS Checks Online
Standard DBS checks are required for most roles in the financial sector. Certain positions are exempt from the Rehabilitation of Offenders Act 1974 and these will need a standard DBS check. Standard checks cover any spent or unspent convictions, cautions, reprimands and warnings
The Financial Conduct Authority requires employers to conduct standard checks if a role carries out what are called ‘controlled functions. These roles include the following:
- Chartered accountants
- Those responsible for investments such as pensions
- Certified accountants
Controlled Functions
As mentioned previously, many roles within the financial sector will require standard DBS checks. Anyone applying for a role that involves a controlled function will also need FCA approval.
Examples of controlled functions include the following:
- Overseeing a firm’s compliance against any money laundering.
- Having responsibility for the firm’s compliance with the FCA’s rules and regulations
- Being an executive director of a regulated firm
Controlled functions can vary depending on the organisation you are working for. It is always worth checking the FCA website for up to date information and advice.
What About Enhanced DBS Checks?
Enhanced DBS checks disclose the same information as standard ones do, but they also include any additional information held by the local police force. An enhanced DBS check can be applied for with barred list checks included. These checks show if someone has been barred from working or engaging in regulated activity with children or adults.
Any individual over the age of 16 is eligible for basic DBS checks. Employers or registered bodies submit standard or enhanced checks.
Other Possible Checks
As well as DBS checks, many companies will require that applicants undergo a credit check as part of the recruitment process. Credit checks allow the company to assess the applicant’s financial risk and money management skills.
Other background checks carried out alongside DBS checks include:
- Identity checks – these are comprehensive background checks which verify an individual’s identity
- Financial Checks – these include credit checks and whether there are any CCJS or bankruptcies listed on their credit history
These checks are vital when employing people in the financial sector as they check an applicant’s honesty and suitability for a job role. They ensure that employers are making the safest recruitment decisions for their organisation.
If you’d like to find out more about DBS Checks for the financial sector or ask any other questions regarding DBS checks, then contact us today.
