DBS Checks for Financial Services
All financial institutions are legally mandated to carry out DBS checks by the Financial Conduct Authority (FCA) to protect clients and assets. Checks Direct has been supporting financial services firms across the UK since 2015, providing them with streamlined and efficient background screening processes to ensure they benefit from continued risk mitigation and customer trust.
Which financial services employees need a DBS check?
Under the Financial Services and Markets Act 2000, FCA regulations require DBS checks for all personnel working in banks, building societies, and credit unions. Failure to conduct a required DBS check can have serious legal repercussions, including fines, criminal charges, and even forced closure.
Under the FCA’s Senior Management and Certification Regime, applicants for any roles classed as having Senior Management Function are required to complete a Standard DBS check. While not legally required, many firms request Standard DBS checks for any position which involves significant influence over a firm’s financial activities or the handling of sensitive customer data.
Enhanced screening may be necessary for advisors dealing with vulnerable clients, including elderly individuals or those with mental health conditions.
DBS checks for mortgage & financial advisors
Standard DBS checks are required for roles with access to sensitive data or providing advice on the management of finances.
DBS checks for accountants & bookkeepers
Standard DBS checks are compulsory for roles involving access to sensitive financial data and for positions of trust in overseeing of financial assets.
DBS checks for support and customer services staff
Support and customer service staff in financial institutions are eligible for Basic DBS checks as they have limited access to sensitive information.
What does a criminal record check for financial services show?
People working in financial services who have a position of trust, either through access to sensitive information, providing advice on financial affairs, or the management of assets, have to undergo a Standard DBS check. This check shows any spent or unspent convictions, cautions, reprimands and final warnings.
Support and customer service staff, who have limited access to sensitive information, are eligible for a Basic DBS check. This check reveals any unspent convictions and conditional cautions.
Other background checks for financial services
FCA screening may be required for:
- Financial investment firms and advisers
- Consumer credit companies
- Insurers
- Co-operative societies
- E-money institutions
FCA screening assesses an individual’s honesty, integrity, and reputation to ensure they are ‘fit and proper’ for their role. It includes:
- Identity verification
- Financial history review
- Education credential checks
- Employment background verification
Our DBS check process for financial services
Our process is designed to be easy, accessible, and personalised. As an umbrella body of the DBS, we offer a reliable and efficient service that can be tailored to the specific needs of your financial institution.
Our accredited DBS team will go above and beyond to meet your requirements, providing expert guidance at every step to ensure a seamless DBS check process and complete protection for your organisation.
Register easily online for free
You can set up an account in a matter of minutes, submit applications on our user-friendly portal, and manage checks on your dashboard.
Apply for checks
Our expert team thoroughly reviews each application, verifying all information for accuracy and validity to maximise efficiency throughout the DBS check process.
Receive your results
You will be notified when the results are ready. Our fast turnaround provides confirmation of your checks and peace of mind.
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DBS checks for financial services pricing
Our competitive pricing ensures financial institutions can maintain regulatory compliance and integrity without excessive costs. We offer transparent, cost-effective rates with no hidden fees, allowing you to conduct all necessary checks efficiently across your organisation.
Basic DBS checks
| No of Checks | Cost ex VAT | Cost inc VAT |
|---|---|---|
| Standard Rate | £34.00 | £36.50 |
| 51 – 300 | £33.17 | £35.50 |
| 301 – 500 | £32.17 | £34.30 |
| 501 – 750 | £31.00 | £32.90 |
| 751 – 1000 | £29.67 | £31.30 |
| 1001+ | £27.75 | £29.00 |
Standard DBS checks
| No of Checks | Cost ex VAT | Cost inc VAT |
|---|---|---|
| Standard Rate | £34.83 | £37.50 |
| 51 – 300 | £34.00 | £36.50 |
| 301 – 500 | £32.75 | £35.00 |
| 501 – 750 | £30.67 | £35.50 |
| 751 – 1000 | £28.58 | £30.00 |
| 1001+ | £26.92 | £28.00 |
Choosing Checks Direct for finance sector DBS checks
Our expertise ensures financial institutions meet their regulatory obligations while maintaining a secure and compliant environment. We’re proud to have assisted nearly 5,000 satisfied clients, processing more than 100,000 DBS and other vetting checks annually.
Our online services help you save time, money, and resources while offering a range of additional benefits tailored to the unique needs of the financial services sector:
Risk mitigation
Ensure robust vetting practices to protect your institution, clients, and assets from potential fraud or misconduct.
Trust and reputation
Foster trust with clients, stakeholders, and regulators by upholding transparent and reliable recruitment processes.
ISO certified
Gain peace of mind knowing that background checks are handled professionally and securely, meeting industry standards.
Operational efficiency
Address staffing needs swiftly with our fast-track vetting system, ensuring minimal disruption to your business operations.
Talent optimisation
Enhance employee retention by selecting the right professionals for the right roles, reducing turnover and associated costs.
Regulatory compliance
Receive expert guidance to conduct appropriate levels of checks and fulfil FCA and other regulatory requirements.
FAQs
DBS checks are accurate up to the point of issue and therefore financial institutions should request new checks periodically (typically every three years) or subscribe to the DBS Update Service. This allows employers to see if there have been any changes to a certificate.
This depends on the role. Support or customer service staff typically only require a Basic DBS check but may also be eligible for Standard DBS Checks at the discretion of the employer. If you handle sensitive information, or have a position of trust or influence with regards to financial matters, you may require a Standard DBS check. Additional FCA screening may be conducted for some roles.
The Senior Management and Certification Regime (SM&CR) requires financial firms to ensure staff meet FCA’s fitness and propriety standards. This involves assessing honesty, competence, and financial soundness through due diligence, including regulatory references and DBS checks. Firms must maintain ongoing compliance and can face disciplinary action for breaches.
Under the Financial Services and Markets Act 2000, FCA regulations require DBS checks for all personnel working in banks, building societies, and credit unions.
No, a DBS check is more general, while a barred list check is a specific component of an Enhanced DBS check. Standard and Basic DBS checks do not include barred list checks. A barred list check is required for people who work closely with children or vulnerable adults.
The DBS cannot access criminal records held overseas, but it is possible to undertake a legally compliant check through Checks Direct. We provide a professional overseas checking service to help you vet and verify new employees that have lived outside of the United Kingdom. By liaising with relevant embassies on your behalf to reveal criminal records held in other countries, we ensure your decision making is informed and reputable.
A DBS check and a CRB check are the same. In 2012 the Criminal Records Bureau (CRB) and Independent Safeguarding Authority (ISA) merged under the Protection of Freedoms Act to form ‘The Disclosure and Barring Service’.
You can potentially hire someone to work in financial services with a criminal record, but it is highly dependent on the nature of the conviction, the specific role they’re applying for, and the policies of your individual financial institution.
A Standard DBS check is required for Certified Persons (e.g. those offering financial advice or managing investments), and Senior Management Positions. A Basic DBS check is typically required for other roles that don’t fall under the Certified Persons or Senior Management categories.
Yes, Checks Direct offer quick and easy DBS check applications using our online portal. Simply register for an account and apply for the checks your business requires.
Apply for DBS checks for financial services staff online today
Keep your organisation and people safe with our independent and verified checks.
Related Services
Additional financial sector services include:
