FCA Compliance Checks

FCA Logo

 

The Financial Conduct Authority (FCA), regulates the conduct of over 25,000 financial firms and hundreds of thousands of individuals. They can impose tough penalties on companies or individuals who do not meet their standards. The FCA maintains a Financial Services Register of all current and previous authorised firms and individuals, along with those that have been sanctioned.

 

To become an authorised individual, the FCA conducts a fitness and propriety (F&P) test to benchmark whether employees are suitable to perform a ‘controlled function’ within a financial firm.

 

Stock traders looking at computer screens.Controlled functions include the following:

 

  • CF 1 Director function
  • CF 2 Non-executive director function
  • CF 3 Chief executive function
  • CF 4 Partner function
  • CF 5 Directors of an unincorporated association
  • CF 6 Small friendly society function
  • CF 8 Apportionment and oversight function (non-MiFID business only)
  • CF 10 Compliance oversight function
  • CF 10A CASS Oversight Operation function
  • CF 11 Money laundering reporting function
  • CF 12 Actuarial function
  • CF 12A With-profits actuary function
  • CF 12B Lloyd’s Actuary function
  • CF 28 System and controls function
  • CF 29 Significant management function
  • CF 30 Customer function

 

As can be found in their FCA Handbook, the FCA looks for the following attributes when considering a candidates fitness and propriety:

 

  • honesty (including openness with self-disclosures, integrity and reputation)
  • competence and capability
  • financial soundness

 

All organisations that recruits for a for a regulated position has a legal duty of compliance to screen candidates to ascertain whether they are authorised.

 

Where a candidate is likely to move into an authorised position once employed, it is advisable to conduct the FCA compliance screening process at the recruitment stage to avoid any issues arising after an offer of employment has been made.

 

FCA compliant employee screening

 

To complete our FCA compliant screening process we complete the following checks:

 

Canary Wharf Underground Station, London

In addition, Manacor International will also specifically search the FCA register for details of any previous registrations or sanctions.

 

To offer as robust a service as possible, we take the information provided by our Identity and Credit Reports to search against all names, aliases and addresses that have been recorded.

 

We also then use this information to check for any HM Treasury Sanctions and Company Director disqualifications.

 

To protect your organisation against compliance issues and fines, prevent damages to your firm’s reputation and reduce the risks of employee fraud, please contact us immediately to discuss your requirements.

 

Our other Employment Screening and Reference Checking services