The FCA (Financial Conduct Authority) regulates over 50,000 organisations and aims to ensure that financial markets are honest, fair and effective. As part of this, the FCA requires everyone who holds a position of responsibility within the financial sector to become an “approved person.”

The Approved person requirement is not simply restricted to banks and building societies. It is also applicable to insurance companies, retail intermediaries, consumer credit firms, payment services, financial investment companies and any suppliers to regulated companies. The list of roles which the FCA require screening and approved person status is lengthy, but it can be applicable to anyone who accept deposits, enters into, advises or arranges mortgages or other investments, affects or carries out insurance contracts or gives financial advice.

In order to be granted approved person status, employees must be subject to a number of controlled checks which are designed to determine the candidate’s honesty, competence, capability and financial soundness, as well as carry out their functions according to FCA guidelines. These checks include:

  • “Fit and Proper” Test – this ensures that the candidate can meet and maintain the required criteria for approval (and report anything that could affect ongoing suitability)

  • Compliance with Statement of Principle

  • Compliance with Code of Practice

  • A full FCA screening

These checks must be applied for by the employing company on behalf of the employee.

The FCA screening we carry out is a comprehensive screening package which consists of:

  • ID Verification

  • Address Verification

  • Right to Work Verification (Client must verify this in house if NVS UK are unable to)

  • Financial Credit Report Checked

  • FCA Register Check

  • Global Sanctions Checked

  • Highest Level of Education Check

  • 5 Year Activity History

  • Basic DBS