Vetting standards for bank employment?

[Gemsbok1000]

Hi

I have been offered a role in a banks risk and compliance department (retail side) and I have queries regarding the vetting process that I understand I will hav to go through.

I would rather PM the query than go into details on here so if anyone can help then please let me know.

Many thanks.

[sebo]

They'll check your previous employers for a reference and probably perform a credit check to make sure your not ex bankrupt etc..

[Gemsbok1000]

Thanks for the reply Sebo. It's the credit search I might have a problem with. 5 years ago I defaulted on some loans - no CCJ's were issued as I arranged an agreed payment plan with the lenders. How badly will this be viewed?

[sebo]

To be totally honest, I am not sure as not from HR etc, however no CCJ's were issued and it's not like you were made bankrupt.

I guess you have a few options:

Speak with the HR rep at the bank and see what they say

Get a credit check from one of the scoring agencies, Experian / Equifax and make your own mind up based on the results. Bear in mind though, you probably wont know what the banks will look for although you'll know if you have a "good" or "bad" rating..

Someone else may be along with more experience than me.

I would have thought you would have had to have been bankrupt for them to not let you through the door but see what others say..

[cannedheat]

I wasn't aware of having a credit check when I started working for a bank.... I did have a helluva load of tests and interviews however.

I think credit checks are used to determine current levels of financial stress... are you likely to be under sufficient pressure to defraud the organisation, do you make lots of applications for credit...etc.

[playerone]

Usually previous credit history wont matter if you are not giving advice or directly FSA registered.

I used to know a mortgage advisor for a high st bank that was in an IVA though!

[Gemsbok1000]

Thanks for all the responses, guys.

[Metroarea]

I've had alot of experience of this lately, with one retail bank in particular, so if you still want any advice feel free to give me a shout.

[Maxf]

My Mrs works for one of the big banks. She wasn't credit checked (they have a legal obligation to tell you if they are doing so) but they do have to have their wages paid into one of the banks current accounts - she had to open this and we suspected that this was 'credit/ID checking through the back door' so to speak.

I really wouldnt worry too much unless you can't get a bank account for some reason (she was stressing big time - had some bad debts from uni 5 or 6 years ago).

[WindsorRob]

Chap I used to work with left and got a job with a consultancy that does data work, often for financial insitutions. Had a call from him recently saying he was having difficulty because the consultancy could not place him with many of these institutions because they have strict rules on the criteria for staff that do work for them. He had a single CCJ and that was the problem. Hence, it suggests to me that many do checks and apply selection criteria based on such things.

[Metroarea]

Barclays Bank are very, very, overly strict on this. They have reams and reams of documents you must fill out, including next of kin info, CRB Check forms, Credit Checks, References etc.... They also need to account for any gaps in your CV greater than a month which means you providing bank statements if you werent working or evidence backing up what you were doing (tricky if you were just having a break). They are usually ok with one CCJ but if it is a large amount they wont allow you to start. You also have to provide I.D, Utility Bills etc...in person to be authorised.

It's a long and painful process.

Lloyds need a credit check and CRB Check, Next of Kin info, references etc...

HBOS also need credit checks, references etc...but nothing like Barclays.