Pre-employment checks

DE_612183

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

TBagpuss

What does your daughter think? She's an adult and they are her documents.
I don't think lump sums frm you would require any more explanation that ' finacial help from my parents' 

I think it is pretty normal for a credit check to be done for jobs in finacial services, can't speak to whether more in depth enquries are normal, but it is up to your daughter t ask further questions, not you. 

DE_612183

I was asking on her behalf for some advice or help for her.

She's not sure - yes she's an adult, but this is her first real first time job hence asking me what I thought.

Credit check is fine - it's the gaps - they want bank statements to cover the period from the end of her degree to the start of her masters - she was just at home.

diystarter7

DE_612183 said:

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

Hi OP

The highlighted bit, I find a bit odd. I've never worked in finance but have worked in places where a mass of checks was required


Has she been offered the job?

My little knowledge of the financial sector, I guess they are seeing if you are desperate/gambler/etc/etc as those people are considered a high risk.

I think they have a point but I hear you.

Why not go for another job?

diystarter7

DE_612183 said:

I was asking on her behalf for some advice or help for her.

She's not sure - yes she's an adult, but this is her first real first time job hence asking me what I thought.

Credit check is fine - it's the gaps - they want bank statements to cover the period from the end of her degree to the start of her masters - she was just at home.

Nothing wrong with that, I do it all of the time. Just shows you are a caring parent.

I hope it works out for your daughter

DE_612183

diystarter7 said:

DE_612183 said:

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

Hi OP

The highlighted bit, I find a bit odd. I've never worked in finance but have worked in places where a mass of checks was required


Has she been offered the job?

My little knowledge of the financial sector, I guess they are seeing if you are desperate/gambler/etc/etc as those people are considered a high risk.

I think they have a point but I hear you.

Why not go for another job?

Yes, she's been offered the job - they are only asking about income - not out goings - as you can imagine most of the outgoings are McDonalds and Starbucks!

She is thinking of going for another job, but it's the first job she's applied for and got straight away, she's worried all applications will be like this.

I've worked in FS myself as an IT contractor and never had to go this far ( although I did have to do disclosure Scotland once )

DullGreyGuy

DE_612183 said:

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

Are you sure your son didnt have similar? And is he working for an insurance company or a broker? Did he have periods of unemployment?


FS companies do vary but the varying seems to tightly follow the level of authorisation they have (at least in insurance/banking)... if they are regulated by the PRA they are the most onerous, if its just the FCA they are a bit lighter and if they are an appointed representative and not directly regulated then they are the most lax of all.

The level of integration is the same from the office junior up to the FD, once you go above the FD you are then in the territory of having to get the regulator to approve you being allowed to be the CFO or CRO etc

Having worked in insurance and banking for over half my life the majority of companies are very very similar in that they want references for X years and need explanations of what you were doing and how you were supporting yourself for any gaps of more than 4 weeks between roles.

The regulators require employees of regulated firms to be fit and proper, they are making sure you werent doing any illicit during your time unemployed and in doing so hoping to avoid someone who others could have undue influence over. 


Had a terrible time trying to employ a graduate SQL developer because she'd spent 6 months or so backpacking around India and hadnt kept receipts from the $1 a night hostels and such so couldnt prove where she was

DE_612183

DullGreyGuy said:

DE_612183 said:

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

Are you sure your son didnt have similar? And is he working for an insurance company or a broker? Did he have periods of unemployment?


FS companies do vary but the varying seems to tightly follow the level of authorisation they have (at least in insurance/banking)... if they are regulated by the PRA they are the most onerous, if its just the FCA they are a bit lighter and if they are an appointed representative and not directly regulated then they are the most lax of all.

The level of integration is the same from the office junior up to the FD, once you go above the FD you are then in the territory of having to get the regulator to approve you being allowed to be the CFO or CRO etc

Having worked in insurance and banking for over half my life the majority of companies are very very similar in that they want references for X years and need explanations of what you were doing and how you were supporting yourself for any gaps of more than 4 weeks between roles.

The regulators require employees of regulated firms to be fit and proper, they are making sure you werent doing any illicit during your time unemployed and in doing so hoping to avoid someone who others could have undue influence over. 


Had a terrible time trying to employ a graduate SQL developer because she'd spent 6 months or so backpacking around India and hadnt kept receipts from the $1 a night hostels and such so couldnt prove where she was

My son was direct FTE with an insurance company ( quite a big UK one ) - he had the same gaps in that he finished his degree then had about 3 months off before starting his masters. 

I think one of the main differences is that my daughters potential employer outsources the checks, whereas my sons were all done internally.

DE_612183

what I don't get is what are they trying to prove?

she has declared a couple of part-time jobs - so if she did have a job in one of the gaps she would have declared it as well - they also asked her to prove she wasn't on benefits - but what if she was?

If they are looking at AML, then anyone who was doing that would have more than one bank account anyway.

I don't get it....

diystarter7

DE_612183 said:

diystarter7 said:

DE_612183 said:

Ok, so my daughter has been in Uni for 4 years, she's had some odd jobs during that time.

She's applied for a role which is fixed term in Financial Services ( quite junior ).

They are asking for copies of bank statements for specific periods to prove she was not employed, or on benefits.

I'm not happy about this as her bank statements show a lot of personal items which are not relevant, even if they are redacted there are lump sum payments from us her parents etc which we then may have to explain what they were about.

It's seems over-kill for what is quite a junior position, for someone who's just graduated.

Are all FS companies like this, my son applied for an insurance company and didn't have any of this.

Company are stating that it's "industry standard" but I don't see what they are trying to establish.

anyone got any help info ideas?

Hi OP

The highlighted bit, I find a bit odd. I've never worked in finance but have worked in places where a mass of checks was required


Has she been offered the job?

My little knowledge of the financial sector, I guess they are seeing if you are desperate/gambler/etc/etc as those people are considered a high risk.

I think they have a point but I hear you.

Why not go for another job?

Yes, she's been offered the job - they are only asking about income - not out goings - as you can imagine most of the outgoings are McDonalds and Starbucks!

She is thinking of going for another job, but it's the first job she's applied for and got straight away, she's worried all applications will be like this.

I've worked in FS myself as an IT contractor and never had to go this far ( although I did have to do disclosure Scotland once )

In that case, remove outgoings.
Has your daughter rang the HR lot and seeked clarification and her concerns?

IMO, they will inisit but worth a try or go for another job as there must be a good reason behind this

Good luck

Peter999_2

When I first started as an IT contractor for a bank in 2013 I was asked for exactly the same.

They explained the same as your daughter has been told that they wanted to see if I was employed anywhere during my two year employment gap when I was a house husband that I had not told them about. I provided them with the statements and the next day they confirmed they were happy with them.

It didn't dawn on them that I have about 7 current accounts and I only sent them statements from 1 account, haha.