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Job in bankruptcy
confused20
Posts: 3 Newbie
Hi,
I work in car sales and I sell vehicles on finance as part of my job. Will this be affected? I can't find a BR clause in my contract and my boss doesn't seem to think it will, also I have an inkling others in the company may have been BR previously.
I cant remember if car sales is "approved", "authorised" or "accredited" and what it means for my job?
I am not giving financial advice per se, although it is finance if that makes sense.
I do have to answer some general knowledge FSA questions once a year though.
They didn't ask when I took the job six years ago what my financial position was.
Please help!
I work in car sales and I sell vehicles on finance as part of my job. Will this be affected? I can't find a BR clause in my contract and my boss doesn't seem to think it will, also I have an inkling others in the company may have been BR previously.
I cant remember if car sales is "approved", "authorised" or "accredited" and what it means for my job?
I am not giving financial advice per se, although it is finance if that makes sense.
I do have to answer some general knowledge FSA questions once a year though.
They didn't ask when I took the job six years ago what my financial position was.
Please help!
0
Comments
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Bump...........................:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
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i think the only way to know for sure is by reading your contract and speaking to your HR departmentHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
I was in that situation myself, but not selling cars. But I did offer leasing options for the products I sold.
Do you have the final say on things, if so then you would have a problem. In other words I am assuming your not head of sales.
As you say you have to answer the FSA fair practice stuff every year, I assume your selling cars and finance to the public. As your then an advisor on people taking on a long term financial commitment, then the OFFICAL RECEIVER who looks after your affairs may very well have an issue. It might also depend on the reasons for you bankruptcy, if you get my drift.
This is why bankruptcy is never a light easy option, it can have implications throughout your entire life.
On Monday speak to the FSA and to the local OR office who would deal with your case.
I did not have a problem in my case because I advised businesses. It was deemed I was not a risk as companies would take their own advice.0 -
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In the vast majority of cases I agree. I can see some cases where an issue would arise. This is one that is highly dependent on the persons exact personal circumstances. Hence talking to the FSA and OR will give them the confidence to decide on BR.0
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The most obvious is if they were actually self employed and not an employee, the issue of trading would come in.
A public protection one, where the bankrupt themselves got into trouble by the same route he is advising others.
The FSA has concerns.
They are a member of a professional institution or body, where the codes of conduct would preclude membership.
Insurance indemnity to cover trading with the public.
The old one of is someone a shadow director or involved in the management, even if they do not have the title of a manager.
We do not have enough of the facts to answer, hence directing them to the key players, the FSA the OR and from debtinfo's advice the HR people.
Although the OR does not decide if a person is right for a particular role, the have a public protection role and refer cases to the proper bodies. A person has to be fit and proper, and advising the public on finance may give the OR concerns, which they might raise with the appropriate parties.0 -
My professional indemnity relied on me being a member of a certain body, and other conditions. My HR department were not aware of this. It was the OR who raised it and concerns over advising. In my case everything was fine, but the OR DID have concerns at first.
Better to check it out first, rather than after bankruptcy.0 -
really all the OR does is advise the FSA if the bankrupt is directly authourised, they leave anything else to themHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
thanksThe most obvious is if they were actually self employed and not an employee, the issue of trading would come in.
they are not self employed. so irrelevantA public protection one, where the bankrupt themselves got into trouble by the same route he is advising others.
none of the ors concern at all
that is the fsas or other proffesional bodyThe FSA has concerns.
They are a member of a professional institution or body, where the codes of conduct would preclude membership.
Insurance indemnity to cover trading with the public.
as long as the organisations are informed then nothing to do with the or beyond that
i asked what concern the or would have that they are anadvisor on people taking on a long term financial commitment, then the OFFICAL RECEIVER who looks after your affairs may very well have an issue.
you are waffling of at a tangent0
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