Will BR affect future career?

Rainbow_Butterfly

hypno06 wrote: »

http://www.fsa.gov.uk/pubs/policy/P31.pdf

Page 37 makes an interesting point......would probably be worth having a word with them to see what their current guidelines are.....although it may well vary from firm to firm.

(sorry, it wouldn't let me cut and paste, but I hope the link works ok!)

Thats really great thanks. I did look for this myself but couldnt find it anywhere. This is what it says incase its useful for anyone else.

The FSA will take information regarding financial soundness into account,
but will not reject an application solely on the grounds that the applicant is of
limited financial means. We do not normally require submission of a
statement of assets and liabilities. However, we will have regard to an
individual’s financial integrity and will look beyond bankruptcy and court
orders in making a full assessment of financial soundness.

xx

d123

Lacoste-kid wrote: »

As far as i know it would prevent you becoming

1) Police officer
2) Accountant
3) Regulated role with FSA (IFA, Mortgage Broker, Director of this type of company) also known as an approved person
4) Magistrate

I can not think of anymore, but i am sure that if there is any someone else will advise you.


Lacoste-kid

Bankruptcy does not prevent you becoming a police officer, so not sure where you got your list from.

Here is one example
http://www.cambs.police.uk/

and another
debt_advice_for_police_officers/index.php

Bankruptcy will not in itself be seen as a discipline issue unless linked to criminality or willful neglect. A bankruptcy order is a lawful process to discharge debt.

It would also appear that bankruptcy would not preclude a person from becoming a magistrate either

Magistrates must command the confidence of the public, have personal integrity and have the respect and trust of others. This means that, for example, it is unlikely that you will be appointed if you are an undischarged bankrupt.

http://www.direct.gov.uk/en/CrimeJusticeAndTheLaw/Becomingamagistrate/DG_071395

Debt_Free_Chick

Rainbow_Butterfly wrote: »

Thats really great thanks. I did look for this myself but couldnt find it anywhere. This is what it says incase its useful for anyone else.

Since that consultation, the final guidance has been produced - see this page in particular and the whole of the Fit & Proper Test for Approved Persons.

So, certainly, BR - even if fully discharged - is going to be "taken into account". Question is, the extent to which it will prevent you getting authorisation

Have a look at the (long) application form for approved persons - even CCJs are taken into account.

You might want to look at the whole section on Approved Persons

Debt_Free_Chick

Lacoste-kid wrote: »

You can mug an old lady and get 6 months (probally not even that) and it will be classed as spent in 5 years time, but der you pay a cc or loan payment late :eek: and you are banished from the industry......................

Although spent convictions also need to be declared - as do cautions!!!! :eek: and they're not even convictions!

Rainbow_Butterfly

Thanks all, I did think it would cause problems in future but I guess its one of those wait and see things that you would never know until you try to get the job.

Now I just need to decide which route to go with this university thing.

Waspeze

As far as I know being BR will not stop you working in a finance role in a commercial company, however it is dependant on that companies policies (i'm a European VAT Accountant) but you will not be able to study for professional accountancy qualifications .. CIMA, ACCA etc... i'm QBE and it hasn't affected me at all!


EDIT: Got that wrong, not sure when it changed but you can now study CIMA whilst BR (thanks Purplekylie and Red! )

Purplekylie22

To be an accountant you need to be CIMA, ACCA, AAT registered - correct? I know that those boards do not stop you from studying with them if you have been bankcrupt. I am planning on doing CIMA myself. Working with accounts will be tricky - some employers will instanlty refuse you on the grounds that you are banckrupt, others will maybe ask you about it and if they are happy will consider you the same as every one else. There are always certain roles that you can not do. BUT no - being bankcurpt doesnt mean you cant be an account. You may have to work in a different sector than you had originally hoped to though.

Red1708

Waspeze wrote: »

As far as I know being BR will not stop you working in a finance role in a commercial company, however it is dependant on that companies policies (i'm a European VAT Accountant) but you will not be able to study for professional accountancy qualifications .. CIMA, ACCA etc... i'm QBE and it hasn't affected me at all!

CIMA have changed their rules. You can now qualify with CIMA even if you are undischarged! They now state:

'Under Council Regulation 13 a member or registered student is required to notify CIMA if they are made bankrupt and to keep us informed of progress (preferably in writing). Under normal circumstances (that is, if no blame attaches to you and a complaint is not being made about you by anyone) this should be the end of the story as far as CIMA is concerned. Bankruptcy should not affect your registration as a member or registered student.'

The only area regarding bankruptcy that would stop you becoming qualified or affect your status is if you have been made subject to a bankruptcy restrictions order.

Another section within their guidelines states:

'
Dealing with bankruptcy
In these times of uncontained consumer credit and a society which drives towards financial and commercial success, risks have become higher. It is not uncommon for financial professionals to find that they have accumulated debts, or that their company is unable to continue trading.
Although the Enterprise Act 2002 identifies “good” and “bad” bankrupts, you are still, as a member or student of CIMA, required to advise us if you are made bankrupt. Bankruptcy does not necessarily carry the stigma it once did, and you are no longer automatically disqualified from membership. However, the underlying reasons for bankruptcy may give a client or employer cause to complain to CIMA about you.
The UK Government Insolvency Service said: “Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. It will almost certainly involve the closure of any business you run and the dismissal of your employees. Bankruptcy will also impose certain restrictions on you. You do not have to become bankrupt just because you are in debt. Look at the alternatives to bankruptcy as soon as possible in case they are more suitable in your situation.”
One of those alternatives is an Individual Voluntary Arrangement (IVA) under which you begin with a formal proposal to your creditors to pay part or all of your debts. You need to apply to the court and you must be helped by an insolvency practitioner. Any agreement reached with your creditors will be binding on them. The Government Insolvency Service website on www.insolvency.gov.uk offers useful advice.
Whichever route you choose, you should be aware that your credit record may be damaged for a number of years (even after discharge from bankruptcy) and it may be impossible for you to obtain credit.
Your initial contact at CIMA should be Martin Nimmo in Professional Standards on +44 [0]20-8849 2202, or [EMAIL="martin.nimmo@cimaglobal.com"]martin.nimmo@cimaglobal.com[/EMAIL], rather than Professional Conduct.'

Rainbow, I know ACCA also allow you to be registered but if you are planning on working in business rather than private practice CIMA should be more than sufficient. I would also emphasise that you should pick a degree that you are interested in. I did an Accounting degree some years ago as I had also 'fallen into' accounts work and it was a hard slog! It's now 3 years since I graduated and am now looking for a way out of accounts as I can't stand the boredom any more!!

peachyprice

Rainbow_Butterfly wrote: »

It depends on the employers and their policy. Many companies consider bankruptcy to be a moral issue that demonstrates a persons lack of character. Employers like that may consider that anyone who isn't willing to take responsibility for his/her financial obligations will probably tend to blame everyone else for problems in their work environment.

Blimey, that's a bit of a sweeping statement!

Purplekylie22

Waspeze wrote: »

but you will not be able to study for professional accountancy qualifications .. CIMA, ACCA etc...

Waspeze - check the links below;

http://www2.cimaglobal.com/cps/rde/xchg/SID-0A82C289-54A6B482/live/root.xsl/12898.htm

http://www.accaforums.com/viewtopic.php?t=1185

Oops - Red beat me to it!