B - Backgroundcheck - Pre-employment screening 2

Types of Checks

• Employment References

• Education Verification - School grades, degree and any professional qualifications obtained

• Character Reference Check

• Gaps in employment history

• Identity and Address Verification - whether the applicant is who he or she claims to be. Generally includes verification of the candidate’s present and previous addresses. Can include a money laundering, identity and terrorist check and one to verify the validity of passports.

• Whether an applicant holds a directorship

• Credit History - bankruptcies

• Criminal History Report

Regulation

The Financial Services Authority states in their Training & Competence guidance that regulated firms should have:

• Adequacy of procedures for taking into account knowledge and skills of potential recruits for the role
• Adequacy of procedures for obtaining sufficient information about previous activities and training
• Adequacy of procedures for ensuring that individuals have passed appropriate exams or have appropriate exemptions
• Adequacy of procedures for assessing competence of individuals for sales roles

The Financial Services Authority’s statutory objectives:

1. Protecting consumers
2. Maintaining market confidence
3. Promoting public awareness
4. Reducing financial crime

Resources

here