Financial service regs & getting a new job.

Daytona_nev

Hi,

I'm in the process of looking for work. I've had an interview with a major bank who i think are wanting to make an offer. They contacted me yesterday for information so they could carry out a credit check to meet financial services regulations.

Does anyone know what criteria you have to meet to pass these checks?

Astaroth

Most banks require you to be "whiter than white" so it will be a case of ensuring you have no CCJs/ bankruptcy/ defaults on your history. Many will also want to do police checks, full 5 year reference history (if they cant get one of them they wont employ you) etc etc.... we offered a job to a data analyst about 2 months ago and they are still going through the security checks (they are a little more complicated as they have lived in france for a while so having to do credit checks on them there plus was in Pakistan for 2 months and they want proof of what she was doing there)

Judi101

It depends on the job they have offered you but alot of what they check are laid down by the FSA. It can include if you have a bankrupcy history, past CCJs and defaults and will involve a full reference history, voters roll check for past addresses over a certain period etc. If you are going to work in regulated financial services its a much more stringent check and includes showing your debts dont massively outweight your assets etc and requires annual checks.

taylorsmum

my friends partner works for a bank, he has a really bad credit history, ccjs,etc etc, they employed him,

Astaroth

The rules have only recently been enforced... certainly with my employers, all new starters have to go through the full checks and then there are random annual checks on 10% of existing employees (or something around that figure) so it could be your friend predates the change and has been lucky (that of the bank in question doesnt follow the rules)

Woby_Tide

I don't think there is a blanket ban on anyone with a less than 'super' credit record. Many people with CCJ/bankruptcies are employed by banks and still be taken on. It's more of a check to how you conduct your affairs now and your current situation.

loveandlight

My niece has just started working for a bank. She's 18, has a poor credit rating and oh yes, she doesn't even know how many pence there are in a pound. So you've got nothing at all to worry about!!

mikewebs

This makes me laugh - not because people here are worrying about whether they will get a job (that is a major problem). Many people are put off applying for jobs in places like banks because of their credit history - whether it is realy bad or just perceived to be bad. What gets me is the banks do all these checks on potential employees in the UK and then farm out their call centres to places far away in sunnier climes - far beyond the reach of the FSA, courts etc and hire people who are not adverse to committing major fraud because they beleive they are untouchable - case in point from June this year

http://news.bbc.co.uk/1/hi/business/5122886.stm

I am sure this is not the only case that has come to light but will probably be the only case we ever hear about because shareholders wouldn't be too happy if they found out the truth about what happens overseas. I know this sort of thing happens here in the UK too but it is easier to look after your neighbour's property next door than their villa in Spain! (not a very good analogy but never mind)

The banks need to look closely at what they do before they judge other people because of bad luck, poor advice - often by banks and FSA governed bodies themselves.

I used to work for a black horsey bank and believe me they were very strict - even down to only allowing employees to bank in-house. You had to get permission to get loans etc. - again only from them.

British banks have got away with dictating what people do for years and it's about time someone (like Martin Lewis) fought back!

Daytona_nev

All sorted.

Came back clear, also checked myself online & apparently have a 5 star credit rating.

The written offer is in the post.