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GBG’s Financial Services Background Screening SolutionHelping you make FCA compliant employment decisions using identity intelligence
Background
The Financial Sector employs 1.1 million people in the UK, and it is imperative that organisations adopt a robust approach to meeting Financial Conduct Authority (FCA) guidelines.
The FCA, require that all organisations operating in the financial services sector conduct ‘fit and proper’ checks on both new and existing employees.
The minimum requirement is to conduct a basic criminal record check for all roles, however more senior positions require more stringent screening.
It’s not just about compliance though, as many organisations consider conducting appropriate checks to provide a safe working environment for all.
Prevention and cure
In the UK, the average recruitment cost of filling a vacancy is over £5,000. Negligent recruitment decisions cost companies millions of pounds each year.
Candidates providing false information and inaccurate data (e.g. through counterfeit documents) can prevent your organisation from being able to make informed decisions. From senior executives and financial advisors, to customer service representative in call centres and banks.
Our financial services background screening solutions meet the FCA guidelines and include a Right to Work check, identity check and an adverse financial check.
We provide you with the information you need to make intelligent hiring decisions consistently and confidently. Reduce risk and ensure compliance by identifying unsuitable candidates.
57% 1.1 millionof internal fraud is committed by middle or senior management
people are currently employed in the Financial Sector
11 million £474.3mpeople in the UK with a criminal record
lost to employee fraud conducted in 2017
Over £30,000 is the cost of replacing a bad hire
66% 88% of all successful employment application frauds in 2014 were the concealment of unspent criminal convictions
of all unsuccessful employment application frauds were attempts to conceal adverse credit history
FCA Checks
Meet the FCA’s minimum requirements and mitigating employee risk by conducting a range of checks, including:
• Right to Work Check• Basic criminal record check• Identity Check• Adverse financial check• PEP’s, sanctions and enforcements
Additionally we can provide checks for:
• Linked addresses• Aliases• Cohab/neighbour intelligence• Reverse Search• Business director links• Adverse financial• Radius search• Social media• Overseas criminal record check
Ongoing Compliance Monitoring
Your employees’ situations and consequently the way that they behave can change, possibly increasing the level of financial risk to your customers and your brand.
Ongoing checks could include:• Annual criminal record checks• Regular adverse financial checks• Regular PEPs and Sanctions
The Formula for Better FCA
Compliance
OngoingComplianceMonitoring
FCA Checks(minimum and
advanced)
How GBG helps Whether it’s pre or post screening, we can help you at each stage of the recruitment process and beyond.
Features
Customised - checks tailored for the role or applicant’s background Telephone support - UK-based helpline providing assistance and guidance Clarity - the results of all your checks are provided in an easy to understand report Instant - online validation reducing application rejections and errors Dashboard - manage all applications from one platform Accredited - ISO27001 certified Service - dedicated Account Management Team Data Validation - we help you to reduce errors with validation upon entry, saving you time and money Connections - we have direct links with Disclosures Scotland, DBS, credit reference agencies and the DVLA for fast and accurate criminal record and driving licence information.
T: +44 (0) 1244 657 322
W: www.knowyourpeople.co.uk
Benefits
Time and cost savings - switching from manual to electronic Protect - your organisation’s reputation and enhance compliance while demonstrating duty of care
Operational efficiency - reduce administrative costs, and maintain a detailed audit trail Reduce risk - online checking minimises manual errors
Support - friendly, experienced, and knowledgeable team providing expert guidance
Prevent fraud - reduce workplace fraud and theft
