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TABLE OF CONTENTS

• What is the FCA?
• What is an FCA Reference?
• How long does an FCA Reference take to get?
• What is the legal requirement for an FCA reference?
• What to do If you require an FCA check for your candidate?

What is the FCA?

FCA stands for Financial Conduct Authority. The FCA is a United Kingdom organisation that regulates the financial services industry.

What is an FCA Reference?

A Financial Regulated Reference (FRR) is an employment reference provided for certain employees working in a firm or seeking to work in a firm which deals with financial matters. These are authorised by the FCA and the Prudential Regulation Authority (PRA).

These are required when an in-scope employee changes roles within a firm or moves to another firm.

The roles that an FCA reference are required for are for all money handling roles, such as banking roles or where they have the legal obligation to handle money and provide legal, financial advice or services. 

Every individual or firm involved in financial services and activities must be authorised or registered by the Financial Conduct Authority (FCA) or by the Prudential Regulation Authority (PRA). Those individuals or firms will be on the public list on the Financial service register. This shows their certification and what roles they are in or have been in. 

How long does an FCA Reference take to get?

A Financial regulated reference (FCA) can take up to 6 weeks for the employer (referee) to produce a reference. This can vary depending on the internal processes of the company, meaning some companies will respond quicker to the regulated reference request and some will take up to 6 weeks.

The internal process of the company usually involves sending the regulated reference to their HR department to look over, they will then send it over to a compliance team to review the reference (as it’s a legal reference) and then once checked, it will be sent back to the HR department. The HR department will then provides us (Verifile) with the reference.

What is the legal requirement for an FCA reference?

The financial conduct authority (FCA) has set out that references should be provided as soon as it is reasonably practical and within the six weeks of the request. Please note that the FCA has clarified this is a limit, not a target. 

The FCA requires that a firm ensures that any communications or financial promotions are clear, fair and not misleading. Only firms who are themselves regulated are able to request an FCA reference, and if so the previous employer is under a legal obligation to provide this information to the new employer, so long as the candidate held a regulated role, and is going into a regulated role.

What to do If you require an FCA check for your candidate?

If your candidate requires an FCA regulated check, then you should contact your Customer Success Manager or email us at [email protected] to discuss having a package set up with the approved FCA checks included.

Please note that you cannot place FCA checks individually on the client portal; instead, you should contact your Customer Success Manager or email us at [email protected] to discuss setting up a package that includes the approved FCA checks.

Once you have confirmed the package with your Customer Success Manager or the Customer Success Team, you can now log into the client portal to place an order for the candidate and select the FCA package designed for you.

RELATED CONTENT

How can I place a package order? 

Placing Orders

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