Tough vetting process puts unsuitable candidates off senior financial roles
A ramped-up vetting process is resulting in more than one in ten candidates for senior financial roles to drop out, new data shows.
Jobseekers looking to secure a chief executive, chairman or a similar role in the banking sector now have to undergo a more challenging interview during the vetting process. This stage is toughening up as a result of the recent scandal at the Co-op Bank, where former chairman Paul Flowers was awarded his role even though he had very little banking experience and a previous conviction, reports yahoo.com.
So far, no candidates have been rejected since the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) were set up in April 2013. Despite this, 22 people out of 186 have pulled out of the application process for senior banking positions.
Potential employers are warned in advance by the watchdogs if a candidate does not meet the role’s requirements. This is why no rejections have taken place yet, because the applicants would rather pull out before the interview stage than fail and potentially harm their careers, reports insurancejournal.com.
Sam Tymms, managing director at Promontory, commented: “For some people it can be their first exposure to the UK regulators, and it can be a challenging experience. If they are not granted approval they can’t take the role and that can have career implications.”