Reply to: A warning about the FOS contract

[Cirrus]

The purpose of this thread is to let people who are thinking of going into this contract know what it's like.

I'm not knocking you sharing your experiences but i) I don't get the impression many temps look at this site as not much is relevant to them and ii) a number of people on this thread are getting the wrong idea you are talking about contacting in the form that most people are familiar with here ie selling a specialist skill. Case Management is not a skill unless you walk in the door knowing all about it before someone tells you all about the business context, applicable regulations, custom and practice, typical systems, resources, industry players etc.

What you didn't tell us is why you chose to take a temp contract (higher pay; higher pressure) rather than a permanent role. Contractors often face the same lifestyle choice: more pay for more danger.

[uk contractor]

They paid higher rates for us to meet unrealistically high targets, we were aware of that. The money wasn't that decent though; our targets were double the perms' targets but pay was not double. We were also taxed a lot more than the perms were and didn't get holiday pay or sick pay. That's why I say that it's not not worth it at the end of the day. The difference between our pay and theirs was not huge in comparison to the difference our workload and theirs.

I had been on a similar contract before FOS. Managers were horrible but at least we were trained for much longer than 2 weeks. There was a degree of consistency over there that FOS lacked.

Case handling contracts definitely aren't for me; too boring and no one respects you. I can agree with that for sure.

Not sure what your expectations are or were but everything you describe is exactly how it goes down on many contracts. They would not even need you if they could get existing perm resource to cover it would they! Based on what you posted above I am guessing you got paid via an Umbrella Company which is why you paid so much more Tax. If you had setup a ltd company you would have taken much more home.

[Eunomia]

This is usually the norm though & sounds like almost every contract I ever did (and I have done well over 20 by now!). Contracting is just not for you I am sure the company you mention is a very poor place to work but equally so are many others in Financial Services especially it seems to attract the real douchebags! The senior people who pay the bills usually know this as well (you get what you pay for) but they get stuck with legacy staff who are hard to dispose of so eventually as more & more people leave because of this you get the scenario you describe as people leave they do not have a proper handover so you reach a stage where things break down & it creates a difficult working environment.

Do you really think it was that easy going contracting & they handed out decent money for nothing!

They paid higher rates for us to meet unrealistically high targets, we were aware of that. The money wasn't that decent though; our targets were double the perms' targets but pay was not double. We were also taxed a lot more than the perms were and didn't get holiday pay or sick pay. That's why I say that it's not not worth it at the end of the day. The difference between our pay and theirs was not huge in comparison to the difference our workload and theirs.

I had been on a similar contract before FOS. Managers were horrible but at least we were trained for much longer than 2 weeks. There was a degree of consistency over there that FOS lacked.

Case handling contracts definitely aren't for me; too boring and no one respects you. I can agree with that for sure.

[Eunomia]

It does not.

I can't help but feel you haven't done your research before taking this role, and made too many positive assumptions about the benefits of contracting without thinking about the practicalities, expenses etc.

I am aware (sadly through current personal experience) that the FOS are hugely overstretched and not equipped to deal with current demand. I can't see anything from your post to suggest they're an awful gig, just that you didn't fully consider the offer.

Once you're back in perm, it's awkward to go back contracting (I know this from personal experience), but best bet is to keep money in reserve to cover you when you want to make the switch. I would suggest targeting a significantly higher day rate to make contracting a viable proposition over a perm role.

My former colleagues would disagree that it's not an awful gig. Many were prepared to work for long hours but it was the lack of security that had people leaving. Every week someone was being put on a plan and having their job threatened.

Financial Services contracting definitely isn't for me, I will agree with that. Compliance could be interesting and is related to my degree but complaint handling is incredibly boring and repetitive. That said, it can be good for graduates and other people who are relatively new to the world of employment. That's if they are trained properly and can at least predict how long their contract is going to last (this was not the case with FOS).

[Eunomia]

So, as I thought, you currently have no marketable skills. You are an office temp.

I was, but am not sure how that's relevant.

I am now in a perm role related to the degree I studied. The purpose of this thread is to let people who are thinking of going into this contract know what it's like.

[Cirrus]

Experience working as financial services contractors to open doors for better contracts.

So, as I thought, you currently have no marketable skills. You are an office temp.

[fiisch]

The daily rate at £205.00 may look attractive

It does not.

I can't help but feel you haven't done your research before taking this role, and made too many positive assumptions about the benefits of contracting without thinking about the practicalities, expenses etc.

I am aware (sadly through current personal experience) that the FOS are hugely overstretched and not equipped to deal with current demand. I can't see anything from your post to suggest they're an awful gig, just that you didn't fully consider the offer.

Once you're back in perm, it's awkward to go back contracting (I know this from personal experience), but best bet is to keep money in reserve to cover you when you want to make the switch. I would suggest targeting a significantly higher day rate to make contracting a viable proposition over a perm role.

[uk contractor]

The vast majority of my colleagues were very unhappy. I even met experienced contractors who said that this was their worst contract yet because it was so badly organised and no one knew what they were doing, so I really hope that this isn't the norm. The staff turnover rate was shockingly abysmal, yet they would keep hiring new replacements, knowing fully well that these people would also leave within a few months because they can't retain their contractors.

I am in a much better position now; I went perm and am working in a much more interesting field than PPI. I would look into contracting in this field once I get enough work experience. At least I would be treated like a skilled professional and my work would be respected.

I just wanted as few people as possible to go through what I went through. They should at least know what it's like because the truth is heavily sugar-coated during interviews.

This is usually the norm though & sounds like almost every contract I ever did (and I have done well over 20 by now!). Contracting is just not for you I am sure the company you mention is a very poor place to work but equally so are many others in Financial Services especially it seems to attract the real douchebags! The senior people who pay the bills usually know this as well (you get what you pay for) but they get stuck with legacy staff who are hard to dispose of so eventually as more & more people leave because of this you get the scenario you describe as people leave they do not have a proper handover so you reach a stage where things break down & it creates a difficult working environment.

Do you really think it was that easy going contracting & they handed out decent money for nothing!

[Eunomia]

£205pd, expecting to realistically work 42 weeks a year is £45,100. Then deduct tax and hope you're not ill....

Those interviewing are probably figuring that £205 is better than £0 and have a fast-disappearing war chest. How many actually take the gig though?

I initially went into it with the idea that I would take almost no holidays so that I wasn't missing out on my weekly pay.

After a few months in, I had to take regular holidays for the sake of my sanity . Most of my colleagues were also taking several days off, and the cost was huge (you lose roughly £100 a day after tax for a day off).

They get loads of people coming in, somehow. They manage to replace the hoards of people who leave within months. I guess it's partly because some people do not know what they are getting themselves into, hence my thread.

[LondonManc]

Fair point; this contract tends to attract young people who are fairly new to contracting (perhaps graduates with a couple of years of experience, as I was). To them it is a good rate when compared to what some perm jobs pay. They are constantly interviewing people so there are enough out there who find it attractive. I just wanted to let them know what it is really like before diving into it. After all, it is not the only Financial Services contract out there so there are other options.

£205pd, expecting to realistically work 42 weeks a year is £45,100. Then deduct tax and hope you're not ill....

Those interviewing are probably figuring that £205 is better than £0 and have a fast-disappearing war chest. How many actually take the gig though?

[Eunomia]

OP contracting is probably just not for you most contracts are like you describe its not unusual as T0m J0nes would sing! Most of the time you get legacy management who lack basic man management skills & or humanity towards their fellow workers but have many years with the end client so its hard for them to get rid of & they know it! Its fairly common across the board for many end clients they are stuck with questionable people who would not last for long in a contract but know exactly how to play the system in a perm role so eventually they get sidelined or thrown projects they can fail at either get used to it or try perm. A lot of contractor demand is created by this as well the end clients do have some very savvy senior people in accounts who know its way cheaper to hire perms but they also know you get what you pay for hence why many go for contractors as well. £205PD is the perm equivalent of about £45-50K a year (minus the holiday pay & other perm benefits) if you have a good accountant so not bad money in this day & age when rates are rapidly dropping.

The vast majority of my colleagues were very unhappy. I even met experienced contractors who said that this was their worst contract yet because it was so badly organised and no one knew what they were doing, so I really hope that this isn't the norm. The staff turnover rate was shockingly abysmal, yet they would keep hiring new replacements, knowing fully well that these people would also leave within a few months because they can't retain their contractors.

I am in a much better position now; I went perm and am working in a much more interesting field than PPI. I would look into contracting in this field once I get enough work experience. At least I would be treated like a skilled professional and my work would be respected.

I just wanted as few people as possible to go through what I went through. They should at least know what it's like because the truth is heavily sugar-coated during interviews.

[Eunomia]

Assuming this isnt another troll post!



I would only take a contract if I was happy with the rate - If I wasn't then I wouldn't take the contract! Even my first contract I had worked out what I need (irrespective of IR status).



Glassdoor should not be used in isolation, typically people only leave negative reviews (who are disgruntled or generally not happy or have issues with management etc).

You should have also known what the job entailed, be that working conditions, hours and expectations, if those were not met then simply leave and get another contract, its the nature of the beast.

I personally worked for the FOS years ago (albeit it was called something different). My experience was somewhat different, but I guess times do change.

As it has already been pointed out, perhaps you should rethink being a contractor.

WLB.

Contractors should have expectations as well. If you are going into a contract that is affected by IR35 and requires heavy supervision, you should at least expect proper training and guidance on how to do the job. After all, it is a job where your quality is constantly monitored, and if you are getting failed for misinformation then it means there is no job security. I am sure that no one wants to go into a contract knowing that they can be fired very easily for things that weren't their fault. Even a high day rate would mean nothing if you could easily end up with no income in a couple of weeks.

Glassdoor should not be relied on alone but come on; it is one of the worst rated organisations in the UK. When and organisation reaches 1.9 stars in such a short space of time, it should be telling. It is a very different organisation to what it was a few years ago. One of the reasons I joined was because of what its reputation used to be. I thought it would be an organisation of integrity as opposed to the banks whose only interest is profit. I was wrong.

They are transparent about the daily rate but a lot of people do not know that they will only be taking home 60% of it if they have a student loan and a few dozens of pounds extra if they don't.

[Eunomia]

Experience of what?

Experience working as financial services contractors to open doors for better contracts.

[cosmic]

As a developer that rate stinks. It bad as it brings other rates down when idiots go for it. Why do I say idiots? It's within IR35 so an already bad rate makes it even worse and you get no benefits (holiday, sick pay and everything else) but you do get all the baggage that comes with a perm role. YUCK happy that you left and seen why rates are important when in ir35! When I go for a job the rate has to be right for the circumstances given from the client or they can jog on

[WLB2018]

Assuming this isnt another troll post!

I know that many contractors intend to work hard and expect long hours at times, but for the sake of your well-being, avoid the Financial Ombudsman Service at all costs. The daily rate at £205.00 may look attractive, but when you take the tax rates, IR35, and the way FOS treats its contractors into consideration, you will hopefully realise that it isn't worth it.

I would only take a contract if I was happy with the rate - If I wasn't then I wouldn't take the contract! Even my first contract I had worked out what I need (irrespective of IR status).

If you don't believe me, all you have to do is take a look at the Glassdoor review. Not a single contractor has a positive thing to say about FOS, and I don't want other people to put up with what I have had to go through. We are all willing to put in the work, but the terrible training (2 weeks in total that doesn't even cover all aspects of the job), silly little rules that restrict the freedoms that self-employed contractors are meant to enjoy, and the inconsistent grading system means that you are always on edge. Nearly every day I would come across people in a corner or in bathrooms over getting another red case and potentially getting put on a performance plan. It is a system that sets people up to fail, and even when you're a person who can handle hard work, I am pretty sure that no one is who enters into the contract is signing up to be full of anxiety at work. A number of my friends work (or have worked) on the Coventry contract and apparently it is even worse than London (which is pretty bad).

Glassdoor should not be used in isolation, typically people only leave negative reviews (who are disgruntled or generally not happy or have issues with management etc).

You should have also known what the job entailed, be that working conditions, hours and expectations, if those were not met then simply leave and get another contract, its the nature of the beast.

I personally worked for the FOS years ago (albeit it was called something different). My experience was somewhat different, but I guess times do change.

As it has already been pointed out, perhaps you should rethink being a contractor.

WLB.