Pre Employment Screening & Validation Services

1D Mereworth Business centre,
Hermitage Farm, Danns Lane,
Wateringbury, Kent. ME18 5LW

Tel: 01622 817580
Fax: 01622 813675
email:


Secure Screening Logins

Applicant Login

Client Login

The City's new watchdogs: what you need to know

The Financial Conduct Authority
Despite its recent spate of doling out heavy fines to banks, the Financial Services Authority had a reputation for being too toothless a watchdog, unable to rein in the excesses of the City when it really mattered. The new FCA takes on all of the FSA’s old consumer protection responsibilities, but with a few new powers to boot. It can force banks to stop selling certain products if it gets wind any mis-selling habits, and it can ban those products for a year whilst it investigates whether the product is fair on the consumer or business it’s aimed at.

This new body is the only one that is not part of the Bank of England, and will be holed up in Canary Wharf, and captained by chief executive Martin Wheatley. He has a regulators’ background having worked for the FSA before as well as heading up the Hong Kong Securities and Futures Commission.

Some bankers are concerned that the FCA’s powers to ban products will put the brakes on the fast-paced ‘innovation’ that have so benefited the UK in recent years (ahem), but them’s the breaks.

Prudential Regulation Authority
Interesting choice of name, given that insurance firm Prudential has just been fined £30m for not telling the FSA what it was up to. But presumably the word is being use here in the sense that it has more 'prudence, common sense and good judgement' than required. Some 1,700 banks, building societies, insurance firms and investment outfits come under the PRA's watchful eye today. It is part of the Bank of England, which has stocked it with over a thousand employees.

Their job is to ‘promote the safety and soundness’ of all the firms in its remit, as well as ‘taking action to preserve financial stability’ when companies have dodgy business models or are overloaded with risk.
It is headed up by Andrew Bailey, who is also on the board of the FPC of the Bank of England. Being part of the Bank should help the two committees to co-operate more effectively, in theory.
Financial Policy Committee

It is felt by many in government and amongst regulatory types that the crash of 2008 happened at least partly because nobody was assigned the specific responsibility of monitoring the financial system for signs of severe weakness, like huge amounts of debt and tiny capital buffers. The FPC will take on this role. This body has already been running on a so-called interim arrangement since 2011, and only last week, the interim body revealed that banks have not counted fines and compensation cash in their balance sheets, meaning they effectively have a £25bn shortfall between them.

Issues like this will be monitored closely by the FPC, which basically takes responsibility for spotting danger signs and getting them addressed by other bodies. If there is another crash, we do not envy the people working here.
The governor of the Bank of England – currently Mervyn King, soon to be Mark Carney, runs this body.

Current News

Man acquitted of rape loses Supreme Court criminal check case

Criminal record check for Tier 2 UK migrants

New guidance for job applicants implemented in drug and alcohol workplace policy

Right to work checks: Extended criminal liabilities for employers

Criminal Records Checks "Arbitrary" and Unlawful

The Emergence of Continuous Screening: Moving Background Screening From Pre-hire Problem Identification to a Threat Management Tool that Helps to Mitigate Risk

FINRA’s New Background Investigation Rule

Woman Sentenced To Prison For Fingerprint Fraud

Everybody Talks: Data Protection and Social Media

DBS filtering on criminal record certificates

UK financial regulation overhauled

The City's new watchdogs: what you need to know

Employment law 2013: progress on reform

What changes to criminal record checks are coming into effect from September 2012?

Olympic security chaos: depth of G4S security crisis revealed

Yahoo CEO steps down after CV embarrassment

Get Out of My Face(book)! When Pre-Employment Screening Goes Too Far

Social Media use: Issues for employers

Employment Law reforms announced

Court of Appeal guidance on references

Anti-bribery and corruption laws - an international guide

Loss of 26,000 housing records highlights poor state of UK data protection

UK Bribery Act Guidance: Muddy[ing] the Waters

Fake identities makes couple thousands

CBI calls for lower taxes in an 'all-action' Budget

HSBC bats down talk of a move to Hong Kong as it 'prefers the City'

Police chief 'lied on CV'

Radical shake-up of the Criminal Record regime and vetting and barring scheme.

Extra Pay Disclosure for the Four Largest Banks - More to Follow for Other Large Banks?

Workplace Disputes and Employer’s Charter

Comprehensive Spending Review: Job cuts 'will create new North/South divide'

Employment Law changes on 1st October 2010

FSA-Changes to the Remuneration Code

Financial sector pay - the latest instalment

Employment Law under the New Coalition Government

Employment Changes from April 2010

Proposed Reduction of the Gender Pay Gap at European Level

Jefferson Hunt Limited joins International membership of NAPBS (National Association of Professional Background Screeners)

Fraud: honesty is the best policy

CV lies and interview technique | The Apprentice

Pre-employment screening as a critical risk-management tool

Exposed: the fakers behind the CV masks

Industry Quotes


“more than 7.5 million of Britain's 25.3 million working population have misled their potential employer while applying for a job.”

Mori .

Quote of the Week


“ "Why you? Because there's no one better. Why now? Because tomorrow isn't soon enough." .”


Industry Sectors

Screening Levels

Criminal Records Bureau Logo which links to CRB site National Association of Professional Background Screeners
 
© Copyright 2017 JH Ltd   Tel: 01622 817580   Email:

Site Map     Privacy Policy     Terms & Conditions