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ISSUE 51 NOVEMBER 2009	www.powerchex.co.uk

Welcome to this month's Powerchex update:


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

2009 is almost over. The leaves are falling, the markets are roaring, but the economy is still not growing. The current environment has even the most sophisticated economists scratching their brilliant heads. There is a lot of talk about values and reputation in the financial services sector, so we are delighted to be hosting an article by Helen Stride, a Development Fellow at Henley School of Management. In her article Helen is exploring the relationship between organisational and individual values congruence and commitment.

We are also please to have the second column from Patrick Healy, our globetrotting risk expert.

Values and Staff Commitment
By Helen Stride, Development Fellow, Henley School of Management

It is probably fair to say that people are not particularly bullish about the financial services sector at the moment. And that even includes people who work in it! Over the last few months in my capacity as an executive coach I have met a number of senior personnel from UK banks who are clearly nervous about telling people what they do for a living. So the reputation of the City is on the floor and it probably needs to think seriously about ways in which confidence in it can be restored.

Perhaps it needs to take a long hard look at itself and ask if it is proud of its values. Insulated from public opinion for too long, have financiers legitimised cultures underpinned by values based purely on individual gain? It is unlikely that any business can be sustainable if it operates by a different set of values to the rest of society. And does the sector fully understand the impact that such values have on the morale and commitment of its staff?

This short article will suggest that by shifting the focus from values that have a clear individual focus such as power and achievement, to those that are of benefit to wider society such as universal and vision type values, the sector may be able to create a happier more committed workforce while also restoring its reputation. To support this argument, the author will call on research conducted in the UK charity sector. First, it is important to understand what individual and organisational values are.

Read this article in full

		About Helen Stride Helen’s career began in the City of London where she worked as a stockbroker. In 1990, she was awarded a one-year sabbatical to volunteer as a small business advisor in rural Brazil. Helen left the City and in 1993 joined Christian Aid to manage the charity’s account with the Co-operative Bank. She became Head of Donor Recruitment and Development in 1996. She remained in this role for four years, managing a team of eleven staff. In 2000 Helen became Fundraising Director for Task Brasil, a charity that provides homes for street children in Rio de Janeiro. read full biography

A City viewpoint

Patrick Healy Alternative Strategies - A year away from the City
November

In October I was back, briefly, in London. It is disorienting to go into the City as an outsider as I did for various meetings and social visits. If you are taking a year out from the advertising industry you can go back to Charlotte Street and wander around and there is enough other life for you not to feel too odd. If you go into the City there are only working people (I exclude as an aberration the few terribly misled tourists).

People tend not to visit industrial estates when not employed there and the nature of the financial services 'industry' is more obvious when you are not working. Despite the trend to less formality in work clothes there is still a great consistency of uniform; lots of greys, blacks, blues; lots of white shirts. I was puzzled by the lack of people in the US investment bank golf-outfit chic (polo shirts, chinos etc) until it occurred to me that they had probably all arrived at work before I went in and, after having lunch at their desks, would not be leaving until long after I had gone in search of cooler bars elsewhere.

Read this article in full

Articles of interest

Recently, the State of California introduced a bill which would limit the use of credit reports for employment purposes. This was vetoed by California Governor Arnold Schwarzenegger. "I am returning Assembly Bill 943 without my signature. This bill would prohibit the use of consumer credit reports for employment purposes unless the information is either substantially job related, as defined, or required by law to be disclosed to or obtained by the user of the report. This bill is similar to legislation I vetoed last year on the basis that California's employers and businesses have inherent needs to obtain information about applicants for employment and existing law already provides protections for employees from improper use of credit reports. As with last year's bill, this measure would also significantly increase the exposure for potential litigation over the use of credit checks. For these reasons, I am unable to sign this bill." Won't Someone Please Give Me a Chance? Here is the City news, 28 October 2009 Zurich loses data on 51,000 UK customers Times Online, 22 October 2009 Top Firm Announces New Compensation Structure Here is the City news, 21 October 2009 Financers leaving IT hires to the last Contractor UK, 20 October 2009 Would I lie to you? Well, yes you would! Recruiter, 16 October 2009 ‘Dramatic’ increase in financial services recruitment Recruiter, 16 October 2009 Powerchex warns of the consequences of non‐compliance with the FSA's new rules Press release, 15 October 2009 Increased Recruitment Activity within UK Financial Services does not spell the end of the Recession Press release, 13 October 2009 Powerchex warn that temps require the same level of pre-employment screening as permanent employees Press release, 6 October 2009 Powerchex profile - The Wharf The Wharf, 2 October 2009 Global Recession provides opportunities for Talented People within Hedge Funds and Asset Management PR-USA.net, 1 October 2009 HR director may lose job after hiring 15 ex-cons HR Recruiting Alert, 3 September 2009 Top 3 lies candidates tell HR HR Recruiting Alert, 27 August 2009

FSA News

APPROVING AND SUPERVISING SIGNIFICANT INFLUENCE FUNCTIONS – THE FSA's MORE INTRUSIVE REGULATORY APPROACH Last month the FSA wrote to the CEOs of financial firms seeking to clarify the FSA's new approach to approving and supervising persons performing significant influence functions (SIFs). The letter stated: The type of information that will help us to make our approval decision includes any supporting documentation (e.g. head-hunter or other similar reports) and details of the: • responsibilities that the role involves; • recruitment, referencing, interview and appointment process; • due diligence undertaken by the firm to ensure the candidate is fit and proper; and • rationale the firm has used to conclude that the candidate is fit and proper to perform the role for which approval is sought. For the full text of the “Dear CEO” letter click on the link below: http://www.fsa.gov.uk/pubs/ceo/ceo_letter1009.pdf This is a significant development in the approach the FSA is taking in terms of senior approvals and firms are advised to take note of the requirements

Conferences & Events

Training Competence and Managing Expertise in a Regulated Environment
Securities & Investment Institute, London, 3 November 2009

The HR Leadership Alliance’s 2009 Annual Congress
Osney Media, London, 5 November 2009

CIPD Annual Conference and Exhibition
CIPD, Manchester, 17-19 November 2009

The Essentials of Global Human Resource Management
JSB Training, London, 1 December 2009

Snow White and the twelve months of the year, Member Forum
City HR Association, London, 3 December 2009

CPD Seminar: FSA's criminal insider dealing prosecutions - What are the practicalities of being subject to criminal investigation for an individual and a firm?
Securities & Investment Institute, London, 8 December 2009

Immigration Law: The Points Based System
JSB Training, London, 10 December 2009

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