FCA Approved person

[JohnDoe001]

Hi all

I recently got a new job in the financial services and my employer requires me to do a credit check and obtain CF30 status. I wonder if my poor credit record overseas will affect these credit / financial soundness tests? I have had some late and missed payments but they are all recently sorted out. That said, the credit score will prolly be on the lower end. Just wonder if that will be a deal breaker

Also, should I disclose it? Don’t think I have to disclose it but maybe I should? Can anyone advise?

Not sure whehter your employer may have different policies but for FCA purposes it's unlikely to affect anything, unless you have CCJs or were made bankrupt. A poor credit record is not barrier as far as FCA are concerned; Form A doesn't ask for a credit score.

You really must disclose everything asked for though. If you don't and it's later discovered you are likely to have the approval revoked as lying by omission means you cannot be considered fit and proper.

If you've already got the job (?), I'm not sure why you are being asked for a credit rating now?

From memory, I didn't need to 'disclose' anything when I had a short spell in financial services. I just gave my consent to be credit checked/security checked to ensure I hadn't been involved in any fraud or theft etc. They did the rest.

It's unlikely a few missed payments would have a bearing on their decision to offer you a job. Most people have a credit history that includes 1 or more late/ missed payment/unapproved overdraft eg due to an error or insufficient funds.

They focus on significant debt and financial irregularity that might indicate a risk to the employer (eg temptation to bribe or embezzle)

Is your firm in scope of the Senior Managers and Certification Regime, either now or when the extension to solo-regulated firms goes live in December? If so, your firm will also need to conduct an internal annual fitness and propriety assessment as you'll be a Certified person, so depending on what your firm asks, you may need to disclose this to them as part of that assessment too.

I think the last set of FCA guidance that I saw was clear in saying that if you didnt know whether a disclosure was necessary, you should always opt to make it

Approved person here. I agree with Violet - openess is the key. Fitness and propriety is already part of the approved person assessment.

It is unlikely to be a deal breaker but it is important to be open with the FCA. If the position has been rectified you can tell them that. The worst position is if it looks as if you are trying to cover things up since that goes to honesty and integrity

My employment is conditional of passing these checks. As for the FCA, I once took a loan and then financial situations turned sour but now is resolved. Not sure if that will be a problem?