There have been some changes this week to the Rehabilitation of Offenders Act that will be of interest to all small firms with approved persons or where staff have roles where firms can or need to check criminal records.

Financial services firms and the FSA are now able to consider all spent offences committed by individuals applying for approved person's status and other specified roles. This is because of an amendment to the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975. Previously only those spent offences defined as 'relevant' (e.g. fraud and dishonesty) under the Act could be considered. Firms can access this information through the Criminal Records Bureau (CRB) either directly or through an umbrella body.

Approved Persons

We expect senior management to continue to assess, using a risk-based approach, which combination of checks including credit references, references from previous employees and criminal records checks are appropriate for a particular role. Individuals applying for approved person status should understand the importance of establishing an open and honest relationship with us from the outset. Misleading information including non-disclosure of criminal records is an offence under Section 398 of FSMA and the FSA has the power to prosecute this offence.

For more information about applications go to Applying for Approved Persons status

For more information about Approved Person status go to Approved persons.