If you are already bankrupt but you are struggling get advice and help here
By Mikeyboy49
#30942 Hello all,

I am now less than 4 weeks from discharge and wanted to say a huge thank you to James in particular, this has been the best thing I ever did and feel that I can soon start my life over again, plus as many of you pointed out, it has gone really quickly!

I wanted to ask if anyone was aware on the FCA rule regarding working in an authorised role following bankruptcy, most organisations carry out credit searches but is bankruptcy a complete no no or can it be considered once discharged for a certain period of time?

Any help appreciated and thanks again

Mike
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By James Falla
#30945 Hi there Mike

Really glad that the last year has gone well and you will soon be able to start your life over again :) As I recall you will be discharged on the 22nd November right?

As far as I am aware you are not allowed to work specifically as an FCA Approved Person while you are bankrupt. However after you are discharged then I believe you then free to do so. Having said that unless you are planning to start your own FCA regulated business it is highly unlikely that you will be required to be an Approved Person. Most organisations which have to be authorised by the FCA are not prevented from employing staff who are either Bankrupt or are discharged from Bankruptcy unless they are employed in very specific roles (which would be unusual).

Is there any role which you are particular considering which you are worried about?
By Mikeyboy49
#30948 Hi James,

Thanks for replying and yes it is 22nd November, 3 weeks tomorrow not that I'm counting ha ha.

I was looking at some point to get back into advising, probably mortgages but not as an owner or any controlled function, just to give advice.
I know the banks are a nonstarter and everyone credit searches, just not sure if it's down to the individual companies stance on discharged bankrupt or if it's an FCA rule?

Just inthe subject of discharge, do i need todo anything before 22/11 or will it be automatic discharge?

Thanks again

Mike
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By Hayden
#30949 Hi there Mike

Wow doesn't 12 months go quickly..... I have to say I am not sure whether the FCA have any specific rules about whether a discharged bankrupt can be employed or not. However as far as I am aware I do not think they do. I know someone who was a mortgage broker who went through bankruptcy but was still able to work as an advisor within a firm.

This makes sense as I would have thought that a blanket ban would be discrimination plain an simple. I can understand that there might be specific roles which would be blocked but I think for standard advisor roles it is down to the individual company's Ts&Cs.

In terms of your discharge there is nothing for you to do. Unless you have specifically heard from the OR to the contrary you will be automatically discharged on the anniversary. You will not receive any confirmation of this from the OR it will just happen. If you want to you can check this by giving the OR a call. Within 3 months (although often it is sooner) your name will automatically be taken off the insolvency register and that will be that :)
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By Hayden
#30962 It is definitely worth getting a copy of your credit file once you are discharged Mike. All your account statuses should change to "partially satisfied" at that time. The issue is that many will not and you have to take action to ensure they are. In addition it is important to check to see if any default notices were issued after the date of your bankruptcy. If so you can ask the creditors in question to change this.

This is all part of improving your credit rating post bankruptcy. Have a look at the link below for a great article about what to do and how to do it :)

Improving credit rating after Bankruptcy