How Verifile Manages Regulated Reference Checks

Verifile's Process for Handling Regulated References (FCA)

Once a candidate has submitted a check and we identify that the order requires FCA-regulated references, Verifile follows a structured and compliant process to obtain and verify the necessary information.

Step 1: Review of Candidate Submission

We begin by reviewing the candidate's submitted information to identify previous employers who may fall under the FCA's regulated reference requirements. We then conduct internal research on the company involved.

Step 2: Company Verification

Using our internal database of contacts, we attempt to match the employer's details. We cross-check information such as the company name, address, website, and contact number with the candidate's submission to ensure accuracy and confirm that we are contacting the correct organisation.

Step 3: Regulatory Requirement Check

We confirm whether the company is FCA-regulated by searching the FCA Register. We also review any specific reference requirements the company may have. For FCA references, organisations often require additional information such as the candidate's intended role, whether the role falls under SMCR (Senior Managers & Certification Regime), and other role-specific certifications.

If any of the required information is missing, we will contact the candidate to request the missing details before proceeding.

Step 4: Initiating the Reference Request

Once all required information is gathered, we initiate contact with the employer. The reference request includes all necessary details such as our client's FCA number and relevant contact information. This ensures that the responding organisation has everything it needs to process the reference accurately.

Step 5: Client Notification and Timelines

We update the client once the initial request has been sent. Under FCA guidelines, the responding organisation has up to six weeks to provide the regulated reference.

Step 6: Follow-Up Process

Our team actively follows up on the request throughout the six weeks. We carry out up to four chases during this time to ensure that the reference is progressing and to address any delays or information requests from the responding organisation.

Step 7: Reference Review and Finalisation

Once the reference is received, our processing team will review the content, assign the appropriate traffic light status to the check (e.g., green, amber, or red), and upload a copy of the completed reference to the order.