Accountants in debt management plans

[sanityisamyth]

My ExH is retraining (from an unrelated profession) become an accountant.

I have serious concerns about this and don't know how to help.

He is not good with money. During our relationship he has taken out credit cards and loans and my name, taken out at least 30 pay-day loans (Wonga, Satsuma etc.) taken £56,000 of cash from our joint account (he prevented me any access to the statements or accounts and every time I asked how much was in there, he wouldn't answer, or would lie) and allowed our mortgage to bounce repeatedly. I still do not know what he could have spent £56,000 on, or why he needed to take out payday loans, as we were both on good-ish salaries.

I have serious concerns that, with access to other people's money, that he will use this to fund a gambling habit or similar. He is in a debt management plan for his own loans he took out and failed to repay. He has failed to make payments on this too.

I don't know what I can do to stop him stealing other people's money. I'd hate for him to do the same to them as he did to me.

Any advice?

Depends where he works/what sort of accounting. I am a management accountant and I have NO access to the company money. I can move money around the company to my heart's content but can't raise orders or access the bank accounts, because of the necessity for separation of duties. In a largeish company this would be standard.

If the company is small enough that one person is doing all the finance, they would probably have a bookeeeper type doing the day to day finance and outsource the year end accounts/ tax maybe the payroll. A qualified accountant would be too expensive.

Try to steer him into a large company. Or audit.

If he is on a DMP, I'm sure the AAT or another accounting body won't grant him membership. So he won't be able to practice accountancy.

Someone with more knowledge may no for sure.

*know

It's a chartered accountant firm in SW England. They've got a few branches so I'm assuming a pretty big firm?

He's doing a training course with them for 3 years, but also at Bristol University studying too?

I don't really understand it or how it's set up.

He will have to work for 3 year to get enought experience to complete his logbook and become a member of an accounting body. Probably IAESW or ACCA, and also sit exams which will be the university bit. He will be doing audit and/or assurance which will involve him going out to businesses.

He won't be the lead on any engagements until he is qualified. And if his institute discovers illegal conduct he will lose his registration.

Ok that makes me feel a bit better.

I'm almost certain he won't have told his employers about the DMP as he lies continually. I don't know whether to tell them, or leave them to find out (possibly might be too late then).

People do go to prison for fraud offences.

Has he pondered that for a bit?

I've reported him for fraud (taking loans and credit cards out in my name, maxing them out and then not paying them off after he left) but police weren't interested as lack of evidence.

I think he thinks he's too clever to get caught. He's a very very arrogant person.

The bigger problem is that you don't need any qualifications, experience nor any regulation to call yourself an accountant nor practice as an accountant, which basically means anyone can set up an accountancy practice, even bankrupts and people with criminal records.

Most employers should do some kind of "fit and proper person" check on staff who have access to their money. If someone tries to join a professional body, that body will have their own rules and checks as to who they admit.

But ultimately, everyone has a duty to themselves to look after their own money and not allow unscrupulous people the opportunity to defraud them or steal their money.

Acca/ cima/ ACA etc don't credit check people, but an employer might.

I agree that only a small proportion of working accountants have access to clients / company cash and in a big company it seems unlikely. Tbh sounds like you have bigger issues with him that this!

You're right matchingbluesocks!! We have massive issues. He's causing no end of issues with money, divorce, our son etc. but hopefully getting them sorted out.

I just really don't want someone to unwittingly

Don't you have to be squeaky clean with your finances to work as an accountant?

Ye Gads 56k??? And no answer what it went on?? I agree, could be a gambling problem. Thankfully doesn't sound like he'll progress far. What did he do for a living pre accountancy lunacy idea?

In your shoes I would run for the hills

Pressed post too early!

I don't want someone to unwittingly employ him or use his services etc. Without knowing hat he is seriously awful with money. He's admitted as much to me. It seems a very odd career choice and I have a horrible feeling he has an ulterior motive ...

Shakey he was a chemistry teacher (who tried 3 times to hold down a teaching job and failed) but also did some admin stuff in schools.

Imperial that's what I thought, and have been told. I don't know what to do.

In my childhood something happened and then the same thing happened to someone else by the same person. The second victim wasn't so lucky and it changed their life forever. I am constantly feeling guilty that I should have done something when it happened to me as it would/could have stopped it happening again.

This is why I'm feeling like I should do something about this situation but I don't know if I should, what I can do or who to talk to!

I'm not quite sure what you are hoping to do here, in that his access to actual money is extremely limited.
When I was in practice, training, I had no access to anything.
Now, ironically, I have more access to tonnes!!

That's what worries me oblomov.

I am a CIMA qualified accountant. If I recall (it's been a while..) you do have to declare various things upon applying for membership.

If I also recall, you are unable to be a member if bankrupt etc. There are probably rules about other 'shades' of insolvency such as DMP.

Private sector employers dont always have access to credit references though - so they could just be relying on declarations made by ExH.

As a PP said - you can call yourself 'accountant' if you like. It's only if you use the word 'Chartered' when you are not that you are committing some kind of fraud.

You will probably have seen news items over the years where the loyal 'bookkeeper / accounts manager ' etc has run off with the company money. Both men and women have done this - often taking family businesses down with them.

There isn't really much you can do though. At least in a large business there will be division of duties etc to prevent this to some extent.

External accountants have little or no access to money in client firms.

Thanks TopCat that makes me feel a bit better. Hopefully he'll either be honest, get found out, or actually behave himself and no-one will get hurt!!

It will depend on the body. I belong to a rather niche accountancy body(!) and this is what mine say, attached. I would say a DMP counts as an 'arrangement with creditors' that even as a student would require disclosing. Does his employer have anything like that?

I haven't been an accountant long, but for some reason it's always been stuck in my head that if I ever screw up my own personal finances it could very well impact my career prospects.

Thanks OrcinusOrca

I'm not sure what he's had to sign or admit to so far. He didn't even tell me he was retraining until he had to, as my maintenance payments from him changed!

I don't know whether approaching the firm directly and telling them would be wise or helpful?