Discharged bankrupt - applying for jobs in financial sector

babybunny100

Hi everyone - new here.

Just goes to show that bankruptcy always stays with you:(

I took voluntary personal bankruptcy in the 90's. Discharged 3 years later.

I am not currently working in the financial sector (although I do have some cash handling roles in my current job and was honest with my current employers and they are aware of my bankruptcy).

I am looking for alternative employment. I have been offered an interview with an FSA registered company. They may require me to become FSA registered. I know that I must be honest with these people, but honestly, is there any point in me attending interviews with FSA registered companies? Do they have to pay to check if the FSA would allow me to take their exams and become registered, because if that is the case, who is going to take that risk? Should I just avoid applying to banks, building societies, insurers etc

More than ten years down the line from my bankruptcy, I am finding this quite demoralising. I have not been a penny in debt since, have one credit card which I clear every month without paying interest. I keep a tight watch over my budgets, and although bankruptcy was unavoidable for me back then, I never will get to that position again. But the stigma of bankruptcy still lingers.

Honest opinions very welcome.

thank you

arcon5

If the bankruptcy no longer shows on your credit report.... is there really any need to declare it? Is there another method employers can use to find out if yu have previously been bankrupted?

Miss_Ratty

I have been recently applying for jobs which require a very high security clearance and have got an interview. I had to ring their vetting department and ask if my br would be an issue - I was discharged three years ago. They asked me a few questions about my circumstances and made it clear that the vetting would delve very deeply into my background, however they very kindly did my vetting even before the interview and said that they would accept me provided I state my br on my official vetting form.

I would contact some companies and find out. I thought I would have no hope, but actually it will be ok. I'm just rubbish at interview so probably won't even get the job!

Mouse1812

"I was bankrupt 15 years ago, does that mean I won’t
be approved?
Not necessarily. If we are told something which suggests that
an individual might not be fit and proper, we will consider how
relevant and how important it is. It does not automatically
mean that the individual will not be approved. We will consider
the full circumstances of each case before deciding. If we
have concerns, we will give you a Warning Notice setting out
these concerns and you will have the opportunity to make
representations about our concerns in writing and/or in person
before we make a final decision."

From here

antrobus

arcon5 wrote: »

If the bankruptcy no longer shows on your credit report.... is there really any need to declare it?

If asked, not telling the truth could have consequences.

arcon5 wrote: »

... Is there another method employers can use to find out if yu have previously been bankrupted?

Yes. It's called 'Google'. Should being up the relevant entry in the London Gazette.

babybunny100

arcon5 wrote: »

If the bankruptcy no longer shows on your credit report.... is there really any need to declare it? Is there another method employers can use to find out if yu have previously been bankrupted?

I had previously thought not - my credit reports are clear and any normal credit searches will show that I have an excellent credit rating and do not show my bankruptcy.

But, looking at the old posts on here - it seems that they can find out if they do deeper searches - honestly is the best policy (and I would prefer to be upfront in any case)

zzzLazyDaisy

arcon5 wrote: »

If the bankruptcy no longer shows on your credit report.... is there really any need to declare it? Is there another method employers can use to find out if yu have previously been bankrupted?

I can't speak for employers, but solicitors can do a bankruptcy search, so I am presuming that employers (or at least their advisers) can do a similar search. It just isn't worth it.

Mouse1812

The FSA will find out. If you don't tell them you will automatically fail the "fit and proper" test. End of.

PippaGirl_2

Be honest, you may well find everything will be fine and you will be accepted anyway. You won't know unless you try.

babybunny100

Thank you for the feedback. I have cancelled the interview, giving the honest reasons why. Thought this was the fairest way to deal with things. Will avoid jobs in the financial sector from now on.

Mouse1812

You don't need to do that - just be honest and there is a fair chance everything will be OK.

The overriding requirement for someone working in the Financial Services industry is honesty. Having been a bankrupt is not a crime nor a dishonest act. It is an issues which needs to be checked out, that’s all. Failing to disclose a previous bankruptcy would mean you would almost certainly fail the honesty test, that’s all.

Indeed be positive about it - identify what you have learnt from the experience and how it will make you a better (perhaps more cautious?) advisor. Turn it into your unique selling point - you now KNOW how important it is to be careful with money.

I once ticked off and interviewee for apologising on her CV about only getting a 2.2 degree. Good god it was a proper degree from a top University (Cambridge no less). Gave her a summer job and within a couple of months having turned her CV around she landed a good job in the city.