I would be surprised if every applicant for every finance job was passed on to the FCA to do a covert PNC check before any offer of employment. This would be extremely onerous and costly.
Surely an applicant would only be checked once they had had an interview and be deemed a potential employee, similar to a DBS check?
Especially as the FCA is a 'supposedly' independent oversser of those organisations. An agreeement to check every applicant would seem way to cushy. However I've not worked in the department that deals directly with the FCA.