Can I work in Insurance if made bankrupt

stevemarsh1976

Hi

Just looking for some advice on wether I would be able to continue working as an insurance broker if I was made bankrupt. I know I need to speak to my directors but looking for some advice as to wether legally I can do the job before approachng them with my potential bankrupcy

thanks for any advice

peppa-pig

I think BR's are not allowed to do jobs that are FSA regulated. Check your employment contract or speak to your HR department for further clarification.

stevemarsh1976

peppa-pig wrote: »

I think BR's are not allowed to do jobs that are FSA regulated. Check your employment contract or speak to your HR department for further clarification.

Thanks for your input, its quite hard to get a definitive answer from a legal perspective. Ive checked my own contrct whcih doesnt include any dismissal following bankrupcy and having spoken to my employer it really boils down to wether I can legally perform the job.

Insolvency service say theres no legislation saying I cant but the FSA wont say either way, seems to be a greay area..

Was hoping someone here may have some experience with it or not...

peppa-pig

*bumped* for someone who maybe able to give a more definate answer.....

stevemarsh1976

Thanks for the bump peppa I however am now able to answer my own question due to a very understanding Director, so I will share it for others in the future as there really is very little solid info on this situation any where on the net.

Bit more background Im an Insurance broker manager so a position of authority however after speaking with the insolvecy service and the FSA I can now conclude

- There is no legislation stating I cant work within the insurance industry or indeed hold my position.

- As long as I am not an appointed representative (my Director is the appointed rep for our firm) then I do not need to inform the FSA.

- My company need to ensure cash handling proceedures are in force and checked and that I am audited regularly (which is perfectly understandable and something my Director has agreed is fine)

All in all a posative outcome and a small chink of light in my own predicament has opened up.

treading_carefully

I wonder is it the same for mortgage advisors that as long as they are not the appointed rep or directly authorised can they act as advisers.?

magpiecottage

The FSA has certain "Controlled Functions" that must be done by people who are considered fit and proper.

Part of that is whether you have failed to meet your debts and, by definition, bankruptcy means you have not.

However, most non-controlled only require you to be competent to do the job. Unless you are either not capable of doing the job or have been convicted of a relevant crime (such as fraud) it is unlikely to be an issue. Bankruptcy is a civil, not a criminal matter.