Powerchex - Pre-employment screening newsletter

ISSUE 46 JUNE 2009	www.powerchex.co.uk

Welcome to this month's Powerchex update:


	Also in this issue • Articles of interest • FSA News • Conferences & Events

Dare I say it? Are green shoots finally here? You could think so by listening to the experts in the national media. The markets are rallying, and the much feared corporate results seem to be better than expected. So cheer up. On the employment front, we will have to wait a wee bit more, the experts suggest. It may take as long as 18 months before the job market picks up in earnest but here at Powerchex we have been seeing the first tentative signs that the worst may be behind us.

This month, I am delighted to have Richard Burger as our author. Richard is an experienced regulatory lawyer at RPC and has previously worked as a lawyer in the Enforcement Division of the FSA. I have no doubt that you will find his article enlightening. Enjoy.

Interview with/without coffee?
By Richard Burger, Reynolds Porter Chamberlain LLP

There is a British Army expression: "interview without coffee" which means that the meeting is going to be formal and usually unpleasant. With the Financial Services Authority (FSA) signalling its intention to pay more notice to candidates applying to become Approved Persons especially those seeking to hold Significant Influence Functions (SIF) such as Chair, Chief Executive Officer, Finance Director or Risk Director in high-impact firms, there may well be more interviews at the FSA without coffee.

It is understood that the FSA's "grey partners" (industry practitioners who join the FSA with many years of practical industry experience and expertise) conduct such interviews. Regulated firms seeking to put SIF applicants forward will want such interviews go without a hitch.

Read this article in full

		About Richard Burger Richard is an experienced regulatory lawyer who joined RPC in 2008 from the regulatory team of Mills & Reeve LLP. Previously a lawyer in the Enforcement Division of the Financial Services Authority, he was the case lawyer in the first published market abuse case and the first overseas bank to be fined for inadequate AML procedures. Since leaving the FSA he has established a non-contentious financial regulatory practice advising the wholesale and retail sectors. He holds the Securities & Investment Institute's Diploma in Investment Compliance and now sits on the SII's examination syllabus panels. He has both prosecuted and defended in professional disciplinary and white collar crime cases. Shortly before joining RPC he was seconded to the Accountancy and Actuarial Discipline Board. An experienced presenter and commentator on financial regulation, he is regularly published in journals, the national press and sits on the editorial advisory board of the Journal of Financial Regulation and Compliance. read full biography

Articles of interest

Financial IT job losses ‘dash recovery hopes’ Contractor UK, 21 May 2009 Don't let ID thieves hijack your job hunt CNN Money, May 19 2009 French court psychologist Régine Labeur accused of being unqualified The Times Online, May 16 2009 Recruitment in Financial Services continues to decline at record pace Press release, 14 May 2009 Top Firm Fined Over $120m Rogue Trader Here is the City news, 14 May 2009 Contractor Calculator Market Report May 2009 Contractor Calculator, 7 May 2009 Fraudsters 'offered no win, no fee services for Britain's largest visa scam' Telegraph.co.uk, 6 May 2009 HR must be on watch for directors’ fraud Personnel Today, 5 May 2009 Finance cuts 'hit recovery hopes' BBC.co.uk, 4 May 2009 Revealed: Pakistan's 'cottage industry' in forged documents sought by terrorists Telegraph.co.uk, 11 Apr 2009 Lies on CVs: the law is on the employer's side if you are dishonest on your CVs Personnel Today, 10 July 2007 Weekly dilemma: CV lies Personnel Today, 3 July 2007

FSA News

Approved Persons' Checklist As the Head of HR or HR Manager in a Financial Firm you must often wonder how the FSA's Handbook can be implemented in terms of assessing Approved Persons' Fitness and Propriety. Powerchex and Beachcroft put their minds together and came up with a checklist for your review. Click here to download the PDF document. The regulator's role in judging competence Financial companies need to create board-level governance structures that allow for challenge without creating conflict, Hector Sants, chief executive of the Financial Services Authority (FSA), said in a speech to the Securities and Investment Institute. FSA, 7 May 2009 Hedge fund manager banned and fined £35,000 for mismarking trading positions to hide losses The Financial Services Authority (FSA) has banned and fined Mr Loic Albert Antoine Montserret, a former portfolio manager at BlueCrest Capital Management Limited (BlueCrest), £35,000 for deliberately mismarking his positions in an attempt to avoid losing his job over losses he was making on his trading book. FSA, 29 April 2009 Tackling financial crime in the current economic climate In a speech at the Annual Financial Crime Conference, Sally Dewar, Managing Director, Wholesale, FSA sets out the FSA’s approach to tackling financial crime and how we can help you in the fight by focusing on four key themes, namely: • Outcomes focused, risk based approach to financial crime; • What the FSA sees as some of the most serious financial crime risks as outlined in the Financial Risk Outlook; • The FSA’s credible deterrence strategy; • The FSA’s programme of work to raise consumer awareness of financial crime FSA, 27 April 2009

Conferences & Events

The FSA has said, "Once an employee has attained competence, a firm must ensure that the employee remains competent... It is important that training to maintain competence is effective and purposeful".

The Annual Conference: Employment Law and Practice
JSB Training and Development, London, 10 June 2009

Managing Reorganisations, Restructurings and Redundancies
JSB Training and Development, London, 17-18 June 2009

How to make your business relationships work for you – extended workshop
Securities & Investment Institute, London, 30 June 2009

The Effective HR Manager
JSB Training and Development, London, 1-2 July 2009

Acas Code of Practice
JSB Training and Development, London, 7 July 2009

Maintaining professionalism in the current climate
Securities & Investment Institute, London, 8 July 2009

Conducting Workplace Investigations and Hearings
JSB Training and Development, London, 22-23 July 2009

Strategic Recruitment
JSB Training and Development, London, 27 August 2009

	Gun Court 70 Wapping Lane London E1W 2RD tel: 0870 710 3000 / 0207 767 2400 email: info@powerchex.co.uk www.powerchex.co.uk

You are receiving this email because you know Powerchex Limited, purchased a product/service or subscribed on our website. To ensure that you continue to receive emails from us, add akelly@powerchex.co.uk to your address book today and this will prevent the chance of them being caught up in your 'spam' filter. To remove your details from our list simply click on the following link: Remove my details

This message was sent by Powerchex Limited, Gun Court, 70 Wapping Lane, Tel: 0870 710 3000 / 0207 767 2436, London, UK, E1W 2RD registered in England & Wales No 05246183.