FCA Screening Standard
We have extensive expertise providing FCA Pre Employment screening services within the financial sector – screening employees at all levels up to and including UK Financial Conduct Authority Senior Manager and Certificated Roles for investment banks, hedge funds, stockbroker firms, insurance companies, banks, and other wealth management organisations.
We have extensive expertise providing background screening services to the financial sector – screening employees at all levels up to and including UK Financial Conduct Authority Senior Manager and Certificated Roles for investment banks, hedge funds, stockbroker firms, insurance companies, banks, and other wealth management organisations.
FCA Regulation and Screening Standards
The FCA (Financial Conduct Authority) regulates over 50,000 organisations and aims to ensure that financial markets are honest, fair and effective in regards the fca standard vetting, fca standard screening and the fca screening standard . As part of this, the FCA requires everyone who holds a position of responsibility within the financial sector to become an “approved person.”
FCA Approved Person Requirements
Approved person function is not simply restricted to banks and building societies. It is also applicable to insurance companies, retail intermediaries, consumer credit firms, payment services and financial investment companies and any suppliers to regulated companies. The list of roles which the FCA require screening and approved person status is lengthy, but it can be applicable to anyone who accept deposits, enters into, advises or arranges mortgages or other investments, affects or carries out insurance contracts or gives financial advice.
Fit and Proper Test for FCA Approval
In order to be granted approved person status, employees must be subject to a number of controlled checks which are designed to determine the candidate’s honesty, competence, capability and financial soundness, as well as carry out their functions according to FCA guidelines.
“Fit and Proper” Test – this ensures that the candidate can meet and maintain the required criteria for approval (and report anything that could affect ongoing suitability)
FCA regulated screening explained
FCA Approved Person Requirements
The FCA (Financial Conduct Authority) regulates over 50,000 organisations and aims to ensure that financial markets are honest, fair and effective. As part of this, the FCA requires everyone who holds a position of responsibility within the financial sector to become an “approved person.”
Broad Scope of FCA Approved Person Function
Approved person function is not simply restricted to banks and building societies. It is also applicable to insurance companies, retail intermediaries, consumer credit firms, payment services and financial investment companies and any suppliers to regulated companies. The list of roles which the FCA require screening and approved person status is lengthy, but it can be applicable to anyone who accept deposits, enters into, advises or arranges mortgages or other investments, affects or carries out insurance contracts or gives financial advice.
Granting Approved Person Status
In order to be granted approved person status, employees must be subject to a number of controlled checks which are designed to determine the candidate’s honesty, competence, capability and financial soundness, as well as carry out their functions according to FCA guidelines.
Fit and Proper Test Requirements
- “Fit and Proper” Test – this ensures that the candidate can meet and maintain the required criteria for approval (and report anything that could affect ongoing suitability)
- Compliance with Statement of Principle
- Compliance with Code of Practice
- Having carried out and passed FCA screening test
- Checks must be applied for by employing company on behalf of the employee
Comprehensive FCA Screening Test
The FCA screening test is a comprehensive screening test which includes full ID verification and Right to Work status, 5 years of employment history which must be validated and gaps analysed, highest qualification verification, a DBS criminal records check, a financial check (including credit report, CCJ’s and bankruptcy check), FCA register verification and disciplinary validation and a UK directorship and disqualification check.
