Insurance

For each sector, The Better Hiring Institute advisory board appoint a sub-committee of up to ten organisations. The purpose of each sub-committee is to meet with others in your sector for an hour every 6-8 weeks with the aim to discuss how you could potentially standardise for your industry, challenges and issues that you face, and any key themes. This is with a view to harmonise and modernise hiring in the UK labour market. 

If you would like to become a sub-committee member and collaborate with industry and UK GOV specifically on matters that relate to your industry, get in touch.

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) regulate the UK's insurance industry under the Financial Services Act 2012. The Financial Services Authority (FSA), an independent non-governmental body with statutory powers from the Financial Services and Markets Act 2000 (FSMA 2000), previously governed the UK insurance industry before forming the PRA FCA. The FSA was responsible for regulating the UK's entire financial services industry, including the insurance industry.

The responsibilities of the FSA were separated between the two new bodies.

The Twin Peaks regulators, which are as follows:

• The PRA is a quasi-governmental regulator responsible for promoting the stable and fair operation of the financial system.
• The FCA is a quasi-governmental regulator responsible for overseeing retail and wholesale financial markets and the infrastructure that supports those markets. The FCA is also responsible for the regulation of firms that do not fall under PRA's scope.

Employment screening with FCA regulations

• To get 'approved status' for a position of responsibility at a financial firm, the individual must know and FCA's regulatory requirements.
• They must meet the fit and proper test and comply with Statements of Principle and Code of Practice. They must also report any information that may affect their suitability as part of the FCA screening test.
• Multiple background checks are conducted by the Financial Services and Markets Act 2000

Checks include:

• Financial checks, such as credit check and analysis of country court judgments or declared bankruptcies.
• Identity check
• Five years' worth of employment validation and gap analysis
• Highest qualification verification
• Criminal record check
• FAC register validation search and disciplinary validation.
• UK directorship and disqualification check

The absence of an overriding organisation setting standards for hiring across the UK means that there is no singular driving force for change to modernise the labour market by eliminating waste, inefficiency, and poor productivity across all sectors and industries. We streamline and modernise hiring and promote safe recruitment across all sectors, including tackling various recruitment fraud, which has increased during COVID.