Everything You Need to Know About DBS Checks For The Financial Sector

Do Roles in the Financial Sector Require DBS Checks?

If you’re currently working or going to be working in the financial sector, it’s highly likely that you or your employees will be required to have a DBS check certificate.

In this blog, we’re going to discuss what positions within the financial sector need to have a DBS check, and what level is required.

Which Financial Roles Require a DBS Check?

According to the Financial Conduct Authority (FCA), employees that perform a ‘controlled function‘ are required to have a Standard DBS Check.

Examples of Controlled Functions Include:

  • Having responsibility for overseeing a firm’s compliance against any money laundering.
  • Responsibility for having compliance with the FCA’s rules.
  • Being an Executive Director of a regulated firm.

It is not possible to specifically mention every position that would require a DBS check, but if the position includes one of the above functions, then a Standard DBS Check is required.

Charted Accountants and Certified Accountants will require a Standard DBS Check before they can enter into the profession and work.

However, it’s important to note that a DBS is not the only check that is always required. Some, but not all, organisations may also require a credit check.

What is a Credit Check?

Any legal or financial firm has a legal responsibility to conduct a credit check on any future employee.

The credit check is used to ensure the candidate is who they say they are, and gain an understanding of the individuals’ money management skills. By doing this check, the employer can gauge the level of risk an applicant may carry based on previous records of how they’ve managed their finances.

Since employees in the financial sector are often responsible for handling other people’s money, those with a poor credit history may be rejected for the job. It goes without saying that when handling a customer’s money, it’s critical to be able to make the best decisions, and have a financial history that reflects this.

Simply put, employers want to ensure that the individual’s financial position won’t have an impact on their performance in the role, and they won’t pose a risk when handling sensitive data or money.

What is a Standard DBS Check?

A Standard DBS check contains a list of both spent and unspent convictions, final warnings, as well as reprimands contained on the PNC (Police National Computer). Only an organisation or employer can apply for a Standard DBS check for an individual.

Spent convictions are final warnings and/or reprimands that have passed a specific amount of time, and the Rehabilitation of Offenders Act (ROA) 1974 suggest the individual should be treated as though the offenses never happened.

As for unspent convictions, they have not passed this specific amount of time. However, it’s important to remember that some convictions, such as terrorism and sexual offences, will never become spent.
Not only are Standard DBS checks suitable for roles in the financial and legal sector, they’re often requested for roles in educations and care.

If you’d like to find out more about Standard DBS checks, you can do so, here.

Apply for Your Standard DBS Check Today

If you are employing those who fall under the ‘Controlled Functions’ set out by the FCA, you can apply for the required DBS Check at Aaron’s Department.

Why Choose Us?

Not only do we offer unbeatable DBS check prices, our online system includes an automatic error checker, which helps save you valuable time and get your employees into work quicker. To top it off, you’ll be in safe hands with our team of DBS experts, who will help guide you through the process, as well as answer questions you may have.

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