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FSA suggesting criminal records checks for new advice staff, says Sifa

The FSA is suggesting to some firms that advisers consider obtaining criminal records bureau checks when hiring new staff, according to Sifa.

In his monthly bulletin, Sifa compliance director Ian Cockerill says in recent TCF telephone calls the FSA has suggested that it may be appropriate to obtain CRB checks.

Cockerill says: “Some concerns have been raised by members regarding the question of ‘spent’ convictions, and it transpires that in the context of financial services the Rehabilitation of Offenders Act 1974 does entitle the FSA and the regulated firms to enquire into spent, as well as unspent, criminal convictions when considering the employment of potential approved persons.”

An FSA spokeswoman would not confirm or deny whether the regulator is making the suggestion as part of TCF calls.

The FSA handbook states: “It is for senior management to decide what checks should be made. In deciding if it is necessary to carry out a check of criminal records, the firm should consider that the FSA does not routinely carry out these checks during the approval process.”

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