Streamlining FCA regulated references check process
Ensuring compliance in regulated industries is critical, especially when verifying a candidate’s previous roles. To enhance efficiency and provide clearer outcomes, we’ve updated the FCA regulated references check process. This change simplifies verification by ensuring that when a verifier states a candidate did not perform a regulated role, the check is now marked as "Completed" instead of "Review."
Let’s explore how this update improves accuracy and speeds up your compliance workflow.
The challenge with previous FCA regulated references checks
Previously, when a verifier responded "No" to whether a candidate had performed a regulated role, the check was placed under "Review." This often led to unnecessary manual intervention, as no further action was required to confirm the outcome. The process added extra steps and delays in finalizing compliance verification.
These inefficiencies meant hiring teams had to spend additional time managing reviews that did not impact the hiring decision, slowing down the overall workflow.
Our solution: automatic completion for non-regulated roles
To address this challenge, we’ve introduced the following improvements:
- Automatic completion: When a verifier indicates that the candidate did not hold a regulated role, the check will now be marked as "Completed" instead of requiring a manual review.
- Aligned verification process: This update brings consistency to the process, ensuring that responses align with the existing behavior when the questionnaire is fully completed.
- Faster decision-making: By removing unnecessary review steps, hiring teams can process FCA-regulated reference checks more efficiently, focusing only on cases that require further action.
How this benefits your hiring workflow
- Reduced manual intervention: Automating the completion of non-regulated role checks eliminates unnecessary delays and reduces administrative workload.
- More consistent outcomes: Aligning the process with standard verification behavior ensures that all checks follow a logical and structured approach.
- Improved efficiency: With fewer unnecessary "Review" statuses, teams can spend more time on meaningful compliance assessments rather than redundant follow-ups.
Using the updated FCA regulated references check process
These improvements are now live and require no additional setup. The system will automatically apply the new logic when processing FCA-regulated reference checks, ensuring a faster and more efficient experience.
With this enhancement, we’re making compliance checks smoother and more intuitive, allowing you to focus on hiring the right candidates with greater confidence.
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FAQs
FAQs
This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.
Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.
Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.
All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.
In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.
Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.
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