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Trainee Advisor

GolfPutt21GolfPutt21 Member
in CPD & Exams

Hi all,

I am about to begin the process of becoming a trainee financial advisor for my firm.

They have sent me through an application form which requires all details of my current assets & finances etc.

They also want copies of my bank statements for the past 3 months. My question is what type of thing are they looking for with all this information?

I dabble in betting from time to time and that will show on my bank statements, I am concerned this is something that could hinder my application.

Can anyone let me know what time of thing they could possibly pick up from this information?

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Comments

  • DaleLucasDaleLucas Member

    They are checking for Financial Soundness, for various reasons including their duties to the FCA. A Financial Adviser who is in financial trouble may have a conflict of interest.

    i.e. Recommending products with the highest commissions/fees as opposed to what is best for the client, or being more likely to disregard their firms' Money Laundering procedures when a new prospect wants to invest an unusually large sum of money.

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