Do You Need A DBS Check To Work In Finance?
The number of jobs that request applicants to complete a DBS check before starting is growing every day. DBS checks are a good way for employers to run a background check on potential employees and make sure that they are getting the highest calibre people for the role.
Hiring people who have personal and professional integrity is very important in the world of finance, so it makes sense that people who work in a financial role would be asked for a DBS check before starting.
In fact, the majority of roles in finance require background checks, including a DBS check these days. In this article we’ll look at why finance jobs require background checks, how to get a DBS check, and what level of DBS check is needed.
Why do finance jobs require a DBS check?
Most jobs in finance require a high degree of trustworthiness and integrity. If you are dealing with other people’s money or handling the accounts for a business, then your clients and customers want to be reassured that their money is in safe hands.
Carrying out a DBS check is a good way to vet employees and make sure that they don’t have a criminal record for crimes such as fraud or theft, or any other convictions that may indicate dishonesty.
What other background checks are needed to work in finance?
Working in finance usually requires two things – being good with numbers and passing several background checks.
The main background checks used by employers in the finance sector are:
- DBS Checks
- Adverse Credit Check
- Identity Check
DBS Check
The Financial Conduct Authority (FCA) advises that employers request a DBS check for certain roles within the finance industry, known as a ‘controlled function’.
The types of role include:
- Senior members of a financial firm, such as partner, director, or chief executive
- Managers in charge of financial systems, safeguards, and control
- Compliance managers
The level of DBS check requested depends on the level of responsibility of the role. Most management roles and certified or chartered accountants will need to get a Standard DBS Check.
Lower responsibility roles such as financial clerk, bursar, etc. may only require a Basic DBS Check.
Adverse Credit Check
In addition to a DBS check, people that want to work within the financial industry are often asked to complete an adverse credit check. An adverse credit check is an analysis of an individual’s credit history to check for late or non-payments on credit accounts.
In general, you don’t need to worry too much if you have a couple of late payments or non-payments on file. Employers are more concerned about severely bad credit, as this could mean that the individual is more likely to commit fraudulent acts to pay off the debts.
The adverse credit check will also show up any individual voluntary arrangements (IVA), county court judgements (CCJ), or bankruptcy.
Not all companies will ask for an adverse credit check, as they are not compulsory, but many do. In a similar way to the DBS check, the credit check helps employers to ensure that they are hiring trustworthy people for the job.
Please note that an adverse credit check is not the same as a consumer credit report that is used by lenders and other businesses.
Identity Check
ID checks are asked for by most employers in the financial industry, often to corroborate the information gleaned from the DBS and credit check. The identity check involves checking ID documents against information held by the government and local authorities.
The ID check verifies things like electoral roll registration, credit report details, and address details.
The identity check is important, as the Centre for the Protection of National Infrastructure has identified four reasons that people may be dishonest about their identity when applying for a job:
- To hide from the authorities
- To gain money – by claiming state benefits for example
- To avoid paying back debts
- To infiltrate a business and steal money, information or sensitive documents.
Carrying out an ID check, along with a DBS check and adverse credit check, helps employers to know that they are not going to make an expensive mistake.
How to get a DBS check
These days, the easiest way to get a DBS check is to apply online. Individuals can request a Basic DBS Check to be carried out on themselves, but need an employer or registered body to submit the application for Standard or Enhanced checks.
To complete an online DBS check, you can simply click through to our portal and you will be given an online form to complete. You should have all your relevant ID documents to hand before starting the form.
Applying online means you get a faster response, with the results often returned within 24 hours, and the certificate received within two weeks
As well as using an online form, another method to apply for a DBS check is to fill in a paper form by hand and post it to the DBS. Unfortunately, if you decide to use this method, you are more likely to make mistakes on the form as there are no checks in place before you submit it.
Find out more about financial DS checks
Employers in the finance sector are always on the lookout for reliable and honest employees. For that reason, most employers run a series of background checks to make sure that they get the best possible candidates.
