Fit and proper test
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Cbob
Posts: 3 Newbie
Hello I have huge Debt but have always paid on time and have no adverse. But my partner is a financial advisor and has to do a fit and proper test. I am on a mortgage with him and he doesn't know about my debts. Will he find out and will it affect his job thanks
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Hi,
I don't know what a "fit and proper" test involves, but it wont involve looking at yours, or anyone else's financial situation.
We have a little law called the data protection act, where personal financial information can only be discussed with the account holder.
No one will find out unless you tell them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »Hi,
I don't know what a "fit and proper" test involves, but it wont involve looking at yours, or anyone else's financial situation.
We have a little law called the data protection act, where personal financial information can only be discussed with the account holder.
No one will find out unless you tell them.
if it's a government agency i.e military they can ask to review the subject and partners finances to confirm if you have any interest to accept bribes due to financial issues.
they will check you by financial association which is allowed under your credit file.0 -
Hi I have HUGE experience with this! I am an IFA and had to go through this test and having debts myself dealt with the special team.
Firstly, the 'fit and proper' test is about himself not you. Do you have any joint debts aside from the mortgage? I never had to even tell the FCA I was married I don't believe but my DH's debts didn't come into it. He has to declare assets and liabilities to the FCA PERSONALLY not partners.
Secondly, they don't mind if you have the odd £££ on a credit card but do care if there have been any issues. Even then, you just go through to a special team rather than the straight forward process. I was still authorised it just took a while longer.
I am sure from what you have said that it will be fine but happy to help in any way I can
Paid off all Catalogues 10.10.20140 -
Thank you
So I have huge debt 60k
. I have never had a late payment or anything like that. We have a mortgage and current account in joint names which is only used to pay the household bills. All debts are mine. Will he find out about them? He has no debt in his name0 -
I thought they would just see we are associated but that's all but he says they will see mine and he will too. But for me my debt is private. He has no debt so they shouldn't bring mine into it. I'm very worried0
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Have you seen the fit and proper application? It doesnt mention anything about anyone else unless they are a politically exposed person. Dont worry xx
Paid off all Catalogues 10.10.20140 -
Don't you think it's about time you did share then formation?
How did you manage to get a joint mortgage without him finding out about the debt - when you filled in the 'affordability' questions?:hello:0 -
IFAs in the UK are regulated by the FCA. Further details regarding the Fit and Proper test for Approved Persons can be found in the FCA handbook, here.
The main criteria appear to be as per FIT 2:
FIT 2.1 Honesty, integrity and reputation
FIT 2.2 Competence and capability
FIT 2.3 Financial soundness
All of this appears to be related to the applicant, rather than any of their connected persons.
That said, isn't it time you came clean with him?0 -
I thought they would just see we are associated but that's all but he says they will see mine and he will too. But for me my debt is private. He has no debt so they shouldn't bring mine into it. I'm very worried
Why is your debt secret?. All financial information should be shared between couples who live together otherwise it can cause severe financial problems in the future. Hiding any debt is such a bad idea especially when you have financial products together that link you.
Hiding debt from your partner is like cheating on them with lots of other people and hiding that. Just like cheating when the truth does come out it is likely to cause a massive strain on your relationship.0 -
I kept my debt from partner. When it finally came out, she was understandably upset. My advice, is don't let it eat you up anymore and let him know.
My partner also HATES the fact I was so secretive, and even after 3 months I'm finding it difficult to fully open up still.
Tell him0
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