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  • FIRST POST
    • Steppy1234
    • By Steppy1234 7th Aug 18, 4:48 PM
    • 49Posts
    • 46Thanks
    Steppy1234
    FCA and PRA Pre employment checks
    • #1
    • 7th Aug 18, 4:48 PM
    FCA and PRA Pre employment checks 7th Aug 18 at 4:48 PM
    Hi guys,
    This board was my saving angel only a few short years ago with all the help and advise I received, prior too, during and after my bankruptcy and I need your help again.

    8 years have passed since I was delcared and discharged of my bankruptcy, life has gained normality, I have a high street bank mortgage, credit card and current account and have just been offered my dream job after being head hunted. Great you would think but I'm now in a massive panic as the offer is subject to and I can quote " your meeting regulatory requirements as determined by the PRA and FCA;"

    There is also a condition which states if I'm declared bankrupt while employed by them, I would be automatically dismissed, but nothing about past bankruptcy.

    The pre employment check company asked if I had ever been declared and if course I said yes and explained what had happened. It no longer appears on my credit file, I no longer show up on public records.

    I know I need to ask the question direct, but I am scared of the answer. Has anyone get any experience of the above situation and what was the outcome
Page 1
    • dunstonh
    • By dunstonh 7th Aug 18, 5:08 PM
    • 95,320 Posts
    • 62,920 Thanks
    dunstonh
    • #2
    • 7th Aug 18, 5:08 PM
    • #2
    • 7th Aug 18, 5:08 PM
    I no longer show up on public records.
    There is a bankruptcy register and you will appear on that.

    I know I need to ask the question direct, but I am scared of the answer. Has anyone get any experience of the above situation and what was the outcome
    It depends on the job and what FCA control functions you will be holding. If you not going to be holding any control function then the FCA/PRA don't come into it. If you are going to hold a control function then it could do.

    The wording you quoted suggests control functions are involved. Do you know what control functions these are?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Steppy1234
    • By Steppy1234 7th Aug 18, 5:16 PM
    • 49 Posts
    • 46 Thanks
    Steppy1234
    • #3
    • 7th Aug 18, 5:16 PM
    • #3
    • 7th Aug 18, 5:16 PM
    I don't think I do, I had to undergo a search when I bought my house and it came back clear.

    The role is in facilities and not directly involved with the finance side of the business, I am unsure of any control functions that I would be carrying out.
    • dunstonh
    • By dunstonh 7th Aug 18, 5:22 PM
    • 95,320 Posts
    • 62,920 Thanks
    dunstonh
    • #4
    • 7th Aug 18, 5:22 PM
    • #4
    • 7th Aug 18, 5:22 PM
    I don't think I do, I had to undergo a search when I bought my house and it came back clear.
    You should be on it as it is a factual event. Whether the lender was interested in it or not is a different matter. 8 years from discharge isnt going to bother a lender. It won't appear on the credit files but it will be on the bankruptcy register.

    If there are no CF then the FCA/PRA have no interest and its up to the employer how they feel. Given that FCA/PRA have been mentioned, it does mean that there will be those working who do hold control functions. So, perhaps the letter you got was their standard template that everyone joining gets and is just covering off those that may have control functions.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 7th Aug 18, 8:27 PM
    • 3,381 Posts
    • 1,764 Thanks
    keepcalmandstayoutofdebt
    • #5
    • 7th Aug 18, 8:27 PM
    • #5
    • 7th Aug 18, 8:27 PM
    I could let you know my outcome tomorrow - I am pending feedback after going for an permanent job interview last week in insurance.

    I have a DRO expired and now off the credit report but only by a few weeks, but still felt the need to declare when application form on the day had to be filled in, which asked have you EVER been declared or had bankruptcy pertitions or been through an IVA. It wasn't "no start tomorrow" job either so I want to believe I've done the right thing. They thought I had a great CV (!!) and I did try to let them know I would have had a bar to their type of work in the last 6 years but it didn't get much response there and then in the interview. UPDATE *** I was offered the job
    Last edited by keepcalmandstayoutofdebt; 08-08-2018 at 1:13 PM. Reason: Update
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • middleclassbutpoor
    • By middleclassbutpoor 7th Aug 18, 9:26 PM
    • 286 Posts
    • 249 Thanks
    middleclassbutpoor
    • #6
    • 7th Aug 18, 9:26 PM
    • #6
    • 7th Aug 18, 9:26 PM
    The 'fit and proper' test isn't just about you being squeaky clean but also about your integrity and honesty. You should answer all questions honestly - which you say you have so it's really down to whoever is making that decision.

    Depending on your role and the firm employing you will depend on whether it's actually the FCA/PRA who are authorising your role or whether it's internally they are deeming you to be fit. Not much you can do other than let it go through the process
    • Steppy1234
    • By Steppy1234 23rd Aug 18, 7:57 AM
    • 49 Posts
    • 46 Thanks
    Steppy1234
    • #7
    • 23rd Aug 18, 7:57 AM
    • #7
    • 23rd Aug 18, 7:57 AM
    Hey guys,

    Just wanted to give a quick update, all was fine with the checks and I start my job today
    • luvchocolate
    • By luvchocolate 23rd Aug 18, 9:49 AM
    • 1,661 Posts
    • 1,497 Thanks
    luvchocolate
    • #8
    • 23rd Aug 18, 9:49 AM
    • #8
    • 23rd Aug 18, 9:49 AM
    That's great news! Well done
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