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If the UK financial industry is indeed fearing a double dip recession, you wouldn't know it by looking at the FS recruitment market. Employment in the sector has skyrocketed and there are smiles all around. The FSA is consulting on further strengthening corporate governance and this paper clarifies several aspects of approved persons' referencing. We are delighted that Christopher Bond, Senior Adviser to the Chartered Institute for Securities & Investment has agreed to provide his comments on the consultation. This month we are also delighted to be hosting an article by Andrew Pullman, the founder of the HR consultancy People Risk Solutions. In his article, Andrew, explores the benefits of getting up close and personal with people to determine whether they are the right fit in your organisation. Using a recent case study, he suggests that rather than relying purely on interviews, a holistic approach works best.
Finally, Patrick Healy, our globe trotting risk expert, draws interesting parallels between unfinished buildings in Bolivia and the relocation of London hedge funds to the Swiss Alps. Read on...
The FSA, Employment References and Approved Persons - What you need to know
By Christopher Bond, Senior Adviser to the Securities & Investment Institute |
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Background
This article was commissioned by Alexandra Kelly of Powerchex following the issue of FSA's Consultancy Paper (CP10/3) on Effective Corporate Governance. Among other changes proposed in this is formal Guidance on the requirement that regulated firms should always provide information to the FSA on Approved Persons overriding any restriction they may have accepted contractually not to do so in respect of the termination of such a person.
The article is also to cover any contractual restrictions on the giving of references about the employee to a new employer.
It should consider both the theory and practice of these two situations - if there is any difference - at present and in the future under CP10/3.
Introduction
This article considers how far Financial Services Authority (FSA) regulated firms can accept restrictions on providing information, under the wording of the Compromize Agreement with a departing employee, to the FSA or a new regulated employer. It does so under present regulations and practice, and looks into the future at the changes proposed by the FSA in its Consultation Paper 10/3 issued in January this year....
Read this article in full |
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Unmasking the Truth:
How to effectively discover whether you have the right people
By Andrew Pullman, human resources professional and founder of People Risk Solutions In ancient times, "truth" was defined as: fidelity, constancy or sincerity in action, character, and utterance. This still stands the test of time for assessing your staff today. When you hire someone, assess your people as part of a development programme or carry out a due diligence exercise on a target company, you are trying to find out the truth about the individuals. The majority of organisations rely solely on interviews alone and this approach is flawed on a number of levels:
• Firstly, the quality of interviewer has a direct bearing on the outcome of the interview. Inexperienced interviewers often just try to seek out clones of themselves. This is often diametrically opposite to the desired result and causes incorrect conclusions.
• A large proportion of people "interview well" but fail to deliver afterwards. Experienced interviewers can normally conduct in-depth questioning, probably on a competency basis, to dig deeper and gain a better outcome. However, more often than not this does not occur.
• The urgency to fill a role often means that the selection process is short. Not enough time is devoted to checking out individuals properly and the number of actual interviews is reduced. Coupled with poor quality interviews, the likelihood of failure is high... Read this article in full |
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Articles of interest |
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New FSA vetting regime changing life in the City
City AM, 27th May 2010
More Finance Jobs In London On Offer
e4s.co.uk, 24th May 2010
Financial sector sees job offers surge
iDRIVE24, 24th May 2010
Forger set up own colleges and gave himself fake degrees
Times Online, 21st May 2010
Bankers Take The MBA Ethics Oath
HERE IS THE CITY NEWS, 20th May 2010
Student, 23, ‘cheated’ his way into America’s Ivy League institutions
Times Online, 19th May 2010
Employment offers up, but closely contested election battle makes recruiters hesitate
Press release, 14th May 2010
Who owns an employee LinkedIn account?
Michal Simkins LLP, 14th May 2010
The prisoners’ dilemma: sensitive information sent to India to be processed by prison inmates
Press release, 13th May 2010
Bogus students facing global crackdown
BBC.co.uk, 13th May 2010
Should IT contractors switch to a permanent post?
eFinancialCareers, 13th May 2010
Illegal worker fines soar as tighter rules make impact
Financial Times (FT.com), 10th May 2010
Demand dips for IT contractors
Contractor UK, 6th May 2010
IT contractors suffer fall in opportunities
Brookson, 6th May 2010
Are you paying attention to your online reputation? Employers are.
The Work Buzz, 6th May 2010
Important new guidance on the concept of "Controller" and "Processor" from The Article 29 Data Protection Working Party
Pinsent Masons, May 2010
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Conferences & Events |
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Approving and Supervising Significant Influence Functions - Our More Intrusive Regulatory Approach
Tuesday 8th June 2010 & Tuesday 29th June 2010, London, FSA
HR Matters
London Chamber of Commerce and Industry, 9th June 2010
15th annual employee engagement conference
17th June 2010, Infogroup | ORC International, London
Compensation Seminar: The Latest Trends
16th June, 2010
The CISI and the FSA's Retail Distribution Review (RDR)
Enforcement conference
FSA, London, 22nd June 2010
HR Succession Planning
29th June 2010, PersonnelToday, London
FSA Risk Management Symposium
Tuesday 13th July 2010, London, FSA
The Human Resources Forum
Savoy Place, London, 2nd November 2010
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Alternative Strategies - A year away from the City