Are DBS Checks needed for those in the Financial Sector

For those that intend t work in the financial industry or any kind of financial services, there is the probability they will require a DBS Check.

However, the kind of DBS Check they need is subject to their role. It is essential to know the types f positions that require these checks and specifically which types.

Why workers in the financial sector need DBS Checks:

When employers plan to hire a possible candidate in the financial sector they prefer to get their background check to ensure they employ the right person. For this they have DBS Checks carried out as per the job profile.

As with other sectors where an applicant must be safe to work with vulnerable adults or kids, the financial sectors must also employ a candidate suitable for the job. Since they might handle the financial portfolio of individuals, it is essential to do a background check with DBS in some situations.

Standard online DBS Checks: For most financial services vacancies an applicant can go in for a Standard Check. This type of check is suited for some kinds of professions that come under the Exemptions Order to the Rehabilitation of Offenders Act 1974.

Undergoing a Standard Check reveals any info about unspent/spent convictions. It also includes any warnings, cautions, or reprimands the applicant might have received. It is more exhaustive than a Basic DBS Check that only shows unspent convictions.

Those employees considered suitable for Standard DBS Checks by the FCA (Financial Conduct Authority) is for those working in controlled functions.

Other jobs that need Standard DBS Checks include:

Certified accountants

Chartered accountants

Controlled Functions: Those activities that fall under the purview of controlled functions need approval from the FCA. In these cases, a financial entity or institution is likely to request a Standard DBS Check for any prospective employee.

Some examples of these jobs are:

Oversight of any company’s compliance under FCA guidelines and regulations.

Those working in the position of a director, partners, or chief executive in a regulated company

Any employee that has the responsibility of any company or firm’s financial controls and systems.

These controlled functions differ between organizations and are subject to the type of services they offer. For an applicant to determine the kind of DBS Check their role will require it is best to apply for an online check with or checking out the FCA website.

Difference between Standard and Enhanced DBS Checks: In layman’s terms a Standard Check is not as extensive and detailed as an Enhanced Check.

They do reveal the same kind of disclosure, but Enhanced DBS Checks also show additional relevant info that the local police station might have in possession of an applicant that applies for a financial role. Besides, an Enhanced Check also shows if a potential employee is eligible or not to work with vulnerable adults or children as per the Barred List.

However, any individual cannot apply for either of the advanced checks by themselves. This can only be done when an employer requests them.

Those wanting to have a Basic DBS Check done can apply on their own as long as they above the age of 16.

Any other kinds of checks needed

When employers in the financial sector request a DBS Check, they might also ask for the prospective employee’s credit check. This is done to determine the credit status of the applicant in terms of them managing their finances that will be gleaned from their credit records.

Some companies might also want other checks carried out for prospective employees when they apply for a DBS Check like:

Identity checks: These are done to verify information shared by an applicant on secure databases to confirm if their identity is true.

Adverse credit checks: This helps to show an applicant’s non or late payments for serious issues like bankruptcies, CCJS, or IVAs.

These checks mentioned above are of use to certain financial institutions. Being able to verify that a prospective employee is sincere about their identity and skills helps to confirm the information done by DBS Checks.

These can be of critical importance to employers’ keen to make an informed choice of an employee for a job in the financial sector.

Request Standard or Enhanced DBS Checks Online

Employers that process more than 10 applications can register with our Fast Track DBS Service for multiple applications. There is no limit on the number of checks and no registration costs.

For further information do not hesitate to get in touch with us here.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.