While the financial industry has one of the lowest background check discrepancy rates, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) championed actions to tighten senior manager’s fitness by conducting appropriate screening, including but not limited to criminal record checks and regulatory references for the last six years and annually thereafter. This goes into effect March 7, 2016.
CIFA reports that 63% of fraud in the UK is tied to fraudulent job applications. Last year Career Builder conducted a survey of U.S. hiring and human resources (HR) managers where 56% of respondents admitted to having caught a lie on a resume. However as seen in the US, as the UK institutionalizes background checks, overall discrepancy rates fall. The financial industry has seen overall discrepancy rates fall from 29.3% to 25.5% over the last several years.
First Advantage created a report to provide insight for banking, financial services and insurance (BFSI) organizations into the background screening environment in EMEA (Europe, the Middle East and Africa), including the current screening environment and key compliance considerations.
Download the guide to learn more about this process and to benchmark your screening against other financial institutions in the UK.