Financial Services Screening

Each year thousands of freelance professionals take contracts with large Financial Services Companies lured by high contract rates. If you’re planning on looking for a contract with a Financial Services Company you should be aware that you will undoubtedly have to go through the process of ‘Financial Services Screening’. With this in mind its worth while taking the time to make sure that all of your records are in order before even contemplating the contract search.

If you are in the process of looking for a contract or you have just secured a contract call Commonwealth Contractors now on 0800 294 4388 or Submit your details to find out how we can help! Our experienced Account Managers can provide assistance with a contract CV if you are in the process of looking for a contract and may be able to advise on a suitable contract structure (Umbrella Company or Limited Company) if you have just found a contract!

Why do companies require Financial Services Screening?

Financial Services Companies deal with incredibly sensitive information which could, if misplaced or stolen lead to fraud or identity theft. The need for highly skilled contractors on short term assignments creates a big security risk, therefore companies undertake Financial Services Screening to vastly reduce liability and the chances of criminal activity.

With 200,000 + contract professionals already working for Financial Services Organisations each year and growth driven from new banking technologies the amount of contractors working in this sector is only expected to increase. This dependence on temporary workers will encourage organisations to vet staff more and more carefully before contract engagements are agreed. If you are unable to pass the screening process it is highly unlikely that you will secure a contract.

The Screening Process

The process of Financial Services Screening can take a while depending upon your circumstances, typically 3-6 weeks are required before a contract can begin. Many contract professionals who take assignments in the Financial Sector agree long term contracts often 12 – 18 months in duration. This is often due to the fact that screening must be undertaken each time an assignment is secured. If you continually take 3 month assignments you could find that you spend half your time being screened rather than actually providing services.

There are four main checks that are completed:

Arrest Check
Credit Check
Address Check
Employment Check

Arrest Checks

The Arrest Check is fairly straightforward but can take a while to complete as the Police must be contacted to confirm information. If you’re a non UK national this may mean an organisation contacting the Police force in your home country. Unfortunately you cannot do anything to speed up this process.

Credit Checks

Credit Checks do not normally take very long to complete and are completed in the normal way.

Address Check

When checking addresses organisations will look back up to 6 years. The good news is that you can do something to speed up the address check process. Make sure that you keep all of your old utility bills, tenancy agreements, bank statements etc. By providing these details quickly you may be able to speed up the process dramatically. It can also help to ensure that you are on the electoral roll (if you are eligible)

Employment Checks

Employment checks can also be speeded up by keeping detailed records. Make sure that you keep all contracts, references etc in a safe place for at least 6 years.

Keeping Documents

Particularly for the internationally mobile, it can help to use a gmail (or similar) webmail, account to keep a folder of scanned copies of all relevant documents.

To find out more about Contracting in the UK call Commonwealth Contractors now on 0800 294 4388 or Submit your details and we will get right back to you

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