Financial Background Checks UK
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We offer expert advice on the relevant employment screening checks that apply to the finance industry and our screening packages are specifically designed to ensure you are compliant with these standards.
Start ScreeningThe Senior Management and Certificate Regime (SMCR)
The SMCR replaced the Approved Persons Regime. The reason SMCR was introduced is to make individuals within regulated firms more accountable for their conduct and competence. This regime is intended to not only improve standards but improve public trust in financial institutions.
Fitness and Propriety
Under SMCR, all FCA/PRA firms are required to assess their staff against the FCA’s ‘fit and proper’ test. This benchmark determines if staff are suitable to hold positions with significant control or influence within a regulated firm. Background checks are an essential part of this test.
Who does SMCR apply to?
-   Senior Managers – This applies to anyone performing a Senior Manager Function
-   Certified Persons – This applies to anyone who is not a senior manager, but their financial role could cause harm to the company or customers
- Â Â All staff under conduct rules who do not perform a specific role to financial services
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SMCR Criminal Record Checks – Senior Managers
Under the SMCR in most cases individuals who are going to occupy a Senior Management Function undergo a standard criminal record check (which details both spent and unspent convictions).
SMCR Criminal Records Checks – Certified Persons
Certified persons are in most cases not eligible for standard criminal record checks and will only be eligible for a basic disclosure check that details unspent convictions. Although basic criminal record checks can be undertaken at the firm’s discretion, they are common industry practice and considered invaluable for assessing an individual’s integrity.
Employment Referencing Under The SMCR
A company wishing to appoint a Senior Manager, Certified Person or Non-Executive Director must seek references from any business where that individual has worked in the last six years. Furthermore, where that business is regulated by the FCA and or the PRA, such references should follow the format outlined in the FCA Handbook section SYSC 22.
Referees who are regulated by the FCA/PRA are required by the FCA to respond to such a request within six weeks
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Questions Answered
The requirement to provide a regulated reference applies to the regulated firms themselves, not necessarily to individual employers. In other words, if you are seeking a reference from a regulated financial institution, they would be obliged to provide it under FCA rules.
The FCA Handbook (SYSC 22.2) states that a firm should respond to a reference request within six weeks. The six-week timeframe is a general guideline, and it may be extended if both parties agree to a longer period.
We would obtain standard employment references in this scenario.
Typical Screening Checks For SMCR
At CV Insight, we can assist you with the SMCR employment screening and have created custom industry-specific screening packages to suit. Our screening packages are tailored to the regulatory framework introduced by the FCAÂ and PRA with the aim to increase the accountability of senior individuals working in the financial services industry. You can view our packages below.
UK Package – Non-Regulatory Roles
- identity document validation check
- credit and address check
- uk directorship check
- UK sanctions/anti-money laundering check
- highest education check
- professional qualification/membership check
- 5 years employment (gap analysis 90 days+)
- international adverse media check
- basic criminal disclosure
UK FCA Certified Persons
- identity document validation check
- credit and address check
- uk directorship check
- UK sanctions/anti-money laundering check
- fca register check
- highest education check
- professional qualification/membership check
- 6 years employment (gap analysis 28 days+)
- international adverse media check
- basic criminal disclosure
UK FCA & PRA
Senior Manager Regime Package
- identity document validation check
- credit and address check
- uk directorship check
- UK sanctions/anti-money laundering check
- fca register check
- fca company check
- highest education check
- professional qualification/membership check
- 6 years employment (gap analysis 28 days+)
- international adverse media check
- standard criminal disclosure Get In Touch
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