DBS Checks in the Financial Sector
If someone works in financial services, or is planning on working in the financial sector, chances are they’ll need a DBS check.
But the required type of DBS check entirely depends on the role concerned. Therefore, it’s vital to know which positions specifically require a DBS check application, and which checks would be required.
Standard DBS Checks Online
Applicants are most likely eligible to apply for a Standard DBS check for the majority of financial services positions. A Standard DBS check is only suitable for certain professions specified in the Exemptions Order to the Rehabilitation of Offenders Act 1974.
A Standard DBS check will disclose any information regarding spent/unspent convictions, as well as any cautions, reprimands or warnings issued against the candidate. This is more extensive than a Basic DBS check, which only shows unspent convictions.
Some other conventional roles which require Standard DBS checks:
- Chartered accountants
- Certified accountants
As mentioned earlier, the most likely scenario is for a financial services employer to request a Standard DBS application from a prospective applicant. These positions include any roles which require approval from the FCA, due to having a controlled function.
Some common examples of these functions include:
- Responsibility for financial organisation’s systems and controls
- Acting as a chief executive, partner or director of a regulated company
- Overseeing the firm’s compliance with FCA rules and regulations
Different controlled functions will apply to specific organisations, depending on the services they provide. It’s advisable to find out whether a particular role will require you to apply for a DBS check by visiting the FCA website, or get in touch with them.
What about Enhanced DBS Checks?
While they show the same level of disclosure, Enhanced DBS checks will also reveal any additional information the local police force may hold on an applicant that’s relevant to an application. In certain instances, Enhanced DBS applications will also indicate whether an applicant has been barred from working with children or vulnerable adults.
Individuals can, however, apply for a Basic DBS check themselves, provided they are over the age of 16.
Are Any Other Checks Required?
When applying for a DBS check to work in the financial sector, many companies may request a credit check. These checks establish the level of risk the applicant carries, in terms of money management, by assessing their previous record of finance management.
It’s possible that when applying for DBS checks, some companies may require other checks:
- Adverse credit checks – referring to an individual’s late or non-payments, on a serious level. Such as IVAs, CCJs or bankruptcy.
- Identity checks – these cross-reference applicant information with data held on secure databases, to confirm their true identity.
The above examples are useful for some financial employers. Ensuring an applicant is being honest about their skills and identity can help validate the accuracy of any further checks (like DBS checks) that have been performed on them.
They can be important factors for employers to make informed recruitment choices.
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