I currently work in a bank and over the years I have accumulated a lot of debt and I feel like I am drowning due to ex partners and being left as a single mum and full time career. I love my job and have been doing it for 8 years advising people. I am starting to see no alternative but to start a clean slate and get help but I don't want this to effect my career. Has anyone else who is currently in role gone into an IVA and what issues or complications did you come across. I keep my personal life and finances very separate to my work advice but I don't want to go into something that could jeopardise my career.
I am considering going self employed as I have a close friend who is directly authorised who would deal with my compliance, if you are self employed do you have to do a due diligence annually still and declare your financial position as I do now in the bank?
My credit file is perfect with payments up to date and never a missed / late month on anything.
Anyone who you work for in Financial Services will need to do due diligence on a regular basis but it's up to them specifically how they choose to manage your ability to perform your role. Ultimately they'll be responsible for evidencing appropriate controls to the FCA and they'll need to decide whether any additional supervision would be required to ensure that any advice you give is appropriate etc. and make sure there is no increased risk of client detriment as a result. I've employed Advisers in the past who've also had their own financial difficulties previously - they're often the most empathetic. My advice would always be to be up-front. Self-employed positions often carry more unpredictable income though - something to consider under the circumstances. Good luck whatever you decide to do.