Screening differences across financial sector

[Mrsbrown]

I have a issue is that I recently got turned down for a banking role due to adverse info on my credit file. This has happened before a few years ago.
I have no CCJ's, bankruptcy or anything like that but a few defaults some of which are satisfied another still being paid off and open but a reasonable amount.

These are 4 years old now. The high street bank is a big name and I was told 5 years is the length of time they go back.

Oddly for another bank I was told 3 years screening which I would be ok.

My question here is that what's the general criteria for

A) banks which I'm pretty much resigned to not being alble to work for for the next 12 months
B) insurance firms? Again I was I formed recently that screening would be done by the end client but the limiting factors would be CCJ's or bankruptcy
C) life and pensions companies? As of the above?

Ive read with interest here that the larger banks seem to be the most strict in this respect but experience of insurance and Life companies would be most appreciated.

Many thanks

[northernladuk]

Have you checked your credit history using experian or something like that. Credit history goes back 6 years so not so sure why they say 5. You also mention your defaults as if it is a casual thing? It isn't.

I don't the exacts but if one finacial firm doesn't find you suitable to work on their financial systems I would be very surprised if others have a more lax approach whatever the industry.

First job is get your credit history and clean it up as best you can. Relying on one of the banks having a role for you AND a more lax checks system is a pretty long shot.

[malvolio]

More gold plating. The FSA rules they are trying to meet only really matter for certain key roles, such as directors, people giving customer-facing advice and the like. The third PM from the right in the back office doesn't really qualify (in fact anyone back office and most of front office staff...). However since Human Remains don't understand the rules but have decided it's all or nothing anyway you shouldn't be surprised they aren#'t being applied consistently.

I feel campaign coming on. I know one programme manager wo's having to refuse 40% of his candidates for assorted trivial financial issues.

[TestMangler]

Have you checked your credit history using experian or something like that. Credit history goes back 6 years so not so sure why they say 5. You also mention your defaults as if it is a casual thing? It isn't.

I don't the exacts but if one finacial firm doesn't find you suitable to work on their financial systems I would be very surprised if others have a more lax approach whatever the industry.

First job is get your credit history and clean it up as best you can. Relying on one of the banks having a role for you AND a more lax checks system is a pretty long shot.

Not entirely sure how it works either NLUK, but I got checked for a role in mid 2010 and everything was fine. I then got checked again in May this year for a new role and a 'problem' appeared (dated from 2009). It wasn't a credit problem and in the end was an error on my file, which took weeks to get sorted and cost me a month of nice day rate and almost cost me the role altogether. Thing is though, first client didn't see it or didn't see it as important, but second client saw it as a showstopper. WTFK ?

[northernladuk]

Not entirely sure how it works either NLUK, but I got checked for a role in mid 2010 and everything was fine. I then got checked again in May this year for a new role and a 'problem' appeared (dated from 2009). It wasn't a credit problem and in the end was an error on my file, which took weeks to get sorted and cost me a month of nice day rate and almost cost me the role altogether. Thing is though, first client didn't see it or didn't see it as important, but second client saw it as a showstopper. WTFK ?

Interesting. So maybe they do, or rated differently depending on what type of company. Would like to know the details of this.

[TestMangler]

Interesting. So maybe they do, or rated differently depending on what type of company. Would like to know the details of this.

In my case, both retail banks.

[Mrsbrown]

Have you checked your credit history using experian or something like that. Credit history goes back 6 years so not so sure why they say 5. You also mention your defaults as if it is a casual thing? It isn't.

I don't the exacts but if one finacial firm doesn't find you suitable to work on their financial systems I would be very surprised if others have a more lax approach whatever the industry.

First job is get your credit history and clean it up as best you can. Relying on one of the banks having a role for you AND a more lax checks system is a pretty long shot.

Yes ive checked my file. I mention 5 years as this was how far the check was based on not 6 years as I know the info is held on experian etc for this length of time.

I'm not really looking at banking now to be honest. I'm looking at other non banking roles. My question is that although FSA regulated different sectors I.e. insurance and pensions the criteria seems to be different, the banking industry taking these to the extreme...

I'm looking for opinion on the non banking roles and keen to understand the criteria for those.
Thanks

[nomadd]

My question here is that what's the general criteria for

A) banks which I'm pretty much resigned to not being alble to work for for the next 12 months
B) insurance firms? Again I was I formed recently that screening would be done by the end client but the limiting factors would be CCJ's or bankruptcy
C) life and pensions companies? As of the above?

Ive read with interest here that the larger banks seem to be the most strict in this respect but experience of insurance and Life companies would be most appreciated.

Many thanks

There aren't any "general rules", as the Financial Institutions change their agencies/screeners on a regular basis.

This morning, for example, all the contractors in the IB I work for have been told they have to "redo" the entire screening process with a new screening company. I've been here 2 years now, and had a 5 year check before I started on-site, but it makes no difference: I have to go through a "7 year screening check" all over again.

And they say the Banks waste money...

[oliverson]

Mate of mine has a few defaults on his credit file but nothing else. Hasn't stopped him working the banks in the City for years.

I think you've just been unlucky or the roles you're applying for attach increased importance to it (mate's a developer).

You've got to see the irony haven't you. It should be us checking those f***ers!

[Jeebo72]

I have a issue is that I recently got turned down for a banking role due to adverse info on my credit file. This has happened before a few years ago.
I have no CCJ's, bankruptcy or anything like that but a few defaults some of which are satisfied another still being paid off and open but a reasonable amount.

These are 4 years old now. The high street bank is a big name and I was told 5 years is the length of time they go back.

Oddly for another bank I was told 3 years screening which I would be ok.

My question here is that what's the general criteria for

A) banks which I'm pretty much resigned to not being alble to work for for the next 12 months
B) insurance firms? Again I was I formed recently that screening would be done by the end client but the limiting factors would be CCJ's or bankruptcy
C) life and pensions companies? As of the above?

Ive read with interest here that the larger banks seem to be the most strict in this respect but experience of insurance and Life companies would be most appreciated.

Many thanks

Depends. All have checks, however I've worked at one IB where they were so desperate to get me in I started work before the checks took place. Then they forgot to do the checks as I was already there. The next place I worked, also needed checks, and asked "as you worked at XX I assume you've already had them" ... to which I said yes. They didn't bother either. So this is a long way in saying you may get lucky ...