For each sector, The Better Hiring Institute advisory board appoint a sub-committee of up to ten organisations. The purpose of each sub-committee is to meet with others in your sector for an hour every 6-8 weeks with the aim to discuss how you could potentially standardise for your industry, challenges and issues that you face, and any key themes. This is with a view to harmonise and modernise hiring in the UK labour market.
If you would like to become a sub-committee member and collaborate with industry and UK GOV specifically on matters that relate to your industry, get in touch.
The Financial Conduct Authority regulates 50,000 organisation and runs compliance regulations checks on individuals each year.
The Financial Services and Markets Act 2000 (FSMA) – Create a new regulatory framework for the supervision and management of the UK's banking and financial services. Before this Act was introduced, compliance was a low priority within the business activities. It was introduced as a fully accurate and accessible document detailing with roles and responsibilities of financial services and market industries. FSMA also outlines the regulatory objectives for FCA.
Employment screening with FCA regulations
The FCA criminal record check primarily relates to the financial sector, such as banking, building societies and credit unions. However, they are not only limited to these industries. It also applies to those working in:
FCA screening is required for an 'approved person' working in a controlled function role.
Senior Management and Certification Regime (SM&CR)
Replacement body of Approved Persons Regime (APR). Its purpose is to build upon the FCA's objective to enforce standards across the finance industry whilst providing firms' method to hold their staff accountable.
The absence of an overriding organisation setting standards for hiring across the UK means that there is no singular driving force for change to modernise the labour market by eliminating waste, inefficiency, and poor productivity across all sectors and industries. We want to streamline and modernise hiring and promote safe recruitment across all sectors, including tackling various recruitment fraud, which has increased during COVID.
A former sole trader was accused of submitting a fabricated document to the Financial conduct authority (FCA). Which she claimed was a statement of professional standing (SPS) issued by the chartered insurance institute. She was authorised as a sole trader in May 2006 to conduct investment and mortgage business and, from January 2015, for consumer credit activities.
The FCA issued a financial penalty of £157,395 plus interest as well as revoking her qualification and license to practice.