Mandatory Background Checks In The Financial Sector According To FCA

    Finding a job post the pandemic was not as easy as it used to be; some changes were coming about, and people were finding it challenging to get through. Through the COVID-19, companies and businesses were shutting down or reducing the number of people they were working with so they could keep up with the changes that were taking place.

    There were new changes they had to handle when it came to the work that they handled. Companies were now getting most of their work done virtually, online, and remotely, while others working in-person jobs like hospitality, construction along with many others struggled to make ends meet. They could not keep up with the changes and were shut for a good amount of time.

    The finance sector was uncertain about the changes because a large number of people were not spending as much during the pandemic as they were in the past. There were other changes they had to get through as well. People were quite uncertain about the future, and even mortgage companies were finding it challenging to sanction them because they were not sure about the ability of their clients to pay them back. Between 30-40% of companies in the UK shut down during the pandemic, while others were struggling to work through. While many were starting up again, the statistic was quite disheartening. 

    Requirements to Work in the UK Post COVID 

    Companies were now asking the people working there for background checks to make sure that the person they were bringing in matched their requirements. They needed people to not have a criminal record and they wanted to make sure that they would not get in trouble for adding them in situations where they would work with or meet and interact with people that could be challenging. While many companies were hiring people from other parts of the world, there were requirements that they had to maintain if they wanted to get through the process. When it comes to front-line workers, there were challenges with getting the right people on board because it was one of the most prominent, in-person jobs with higher chances of catching the virus.

    However, some countries were asking for their help coming from overseas, and they were p[ening travel when it came to getting jobs in specific fields, including the medical profession. Furthermore, when it came to companies working in IT, they were making exceptions to the rules and hiring people from other countries. With most IT companies working online, the process was significantly easier to handle. People did not have to move from one place to another and started getting used to handling the process with ease.

    Many companies were even outsourcing aspects of the work that they handled because it was a lot easier to work with another professional instead of running some departments in-house. The changes meant there was a serious increase in the number of people who were now working with online platforms to get the job done. People even started purchasing their groceries through online platforms and were having them delivered to their houses so that they would not have to leave and increase the chances of them catching the virus. 

    A year and a half after the pandemic, most businesses and companies were calling their staff back to the office, as long as they were following the social distancing mandates, vaccinated, and matching all the other protocols that were put in place. With many trying to get back to the way that things were, there were a few changes that they had to get through.

    The New Interview Process 

    A large number of interviews were conducted online, which made the process challenging for employers because they could no longer meet the people they were bringing into the fold. They had to communicate remotely and wanted to make sure that they picked the right fit. One of the ways that they learned about the person they were bringing in was through a background check. The process was so simple that anyone could get through it in a few minutes. Various online platforms would allow them to get through the process with ease. Furthermore, the platform coordinated the entire process with the right departments, including the police among others to make sure they get the best results. 

    The Financial Sector Revamp 

    Most companies and businesses, especially in the medical and finance sectors, had to make sure that they were picking people with whom they would not have an issue and who would not have an issue with the people they were working with. Additionally, they had to make sure they did not have a criminal record so they could get through the process with ease. There are various types of criminal records, and they had to make sure that they were getting through the proper check depending on the position that they were picking. While background checks were not mandatory, they helped increase the chances of a person getting a job, if they went through the process and got one. However, when it comes to hiring for positions within the financial services industry, a full criminal background check was considered a necessity. Additionally, there were a few more mandatory checks in the UK to comply with FCA guidelines, especially for people working in the financial industry. 

    While background checks were a requirement, they had to go through various changes and make sure they were present at the time of applying for the job. The best part about the process was that it could be done in a few minutes through the online platform. People could submit their information, and they would have everything in place in a few minutes assuming they had their information ready. The website would have a team go through the requirements and connect back. In most cases, the process took a week or two, and if the applicant needed a thorough background check, it might take a lot longer. Additionally, people could log on to the online background check website and make changes to the information they added if there were errors or typos.



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