Personal Finance

I will try to keep this brief but after applying for a range of jobs on the axa site the recruitment team finally selected me for a telephone interview. Again the position was an entry level one but I thought yeah I will give it a go.

Following the telephone interview I was invited to an assessment that would take around 3 hours.

Interview

This consisted of a computer test that was just weird and then a competency based interview. Nothing out of the oridinary passed the computer test then on to the interview. The interview I felt seemed to go well, the interviewers perhaps not very experienced but I answered all the questions covering all the basis (so I thought). I was then told that they would give me the opportunity to train towards the Certificate in Financial Planning - uh oh not this again - qualifications… I said I already had the equivalent but would be happy to study for anything else and it didn’t seem to be an issue.  I was also told on several occasions that Axa were always looking at new ways of doing things and want to recruit people who can develop processes within their team.

Feedback

Via the recruitment team over the telephone. At least it is better than an email or letter.
The HR dept said ” the interview went really well but you didn’t get the job” - I thought that makes sense. The feedback continued
“The interviewers were really impressed with your customer services experience, but felt you could have explained how you used pivot tables in excel to sumarize vast amounts of data in more detail.” - I knew straight away that my pitch in the interview was aimed too high. Rather than ask me to explain what I was talking about the interviewers pretended to know and just kept nodding. To be honest I would expect these managers to understand excel, it is their job. I also felt that short of giving them a lesson on how to use a computer I couldn’t have been more clear on what I achieved. (tip for Axa staff the small box with two buttons on it that has a wire coming out the back, and is connected to the computer is called a mouse, and it can be used to move a cursor - sorry arrow on the tv like screen. Once you hover over the desired application’s icon, sorry the pretty picture, you can click the left button twice to open it.)

The final piece of feedback was that ”the interviews felt that you didn’t know much about the company for example we are in the Times top 100 places to work” - Um I knew that, but in the interview I wasn’t asked tell me everything you know about Axa, what I was asked was “what do you know about the job role?”  

Time wasted on interview
5 hours

Verdict
Despite being told that Axa want staff who can look a things differently and improved established processes, the whole computer test  and interview is based on the results of existing Axa staff to see if you fit in with the norm? Am I missing something here? Surely by making sure that people who you recruit have the same skills you will not achieve a diversity in staff and end up with people who have …. the same skills, clones of each other? 
Nice working surroundings.

After visiting the Norwich Union recruitment site it appears that a number of vacancies are available, so I applied for the entry level call centre operative. Salary £15,000 position based in the Bristol office.

Following a 30 minute telephone interview with the HR department I was invited to attend a 3 hour assesment in Bristol, going well so far! During the week before the interview I was contacted twice to confirm that I would be attending this seems promising to me!

Got the train to Temple meads turned up 10 minutes early to the interview to find 14 other applicants going for 8 positions. I had to provide every single detail you could imagine I’m sure when I left they knew more about me than I did. Others at the interview ranged from the age of 46 - 18 I’m aged 29 so somewhere in the middle.

Interview

The initial assessment involved a test of asthmatic problem solving and knowledge of the company. No problem. Next  sitting with a consultant listening in to calls, all good so far, then the interview.

It was repeatedly brought up that I was more qualified than the interviewer. The interviewers didn’t seem very confident, perhaps intimidated by the level of qualification I had. I was told I might find the work mundane. I was also told I was more qualified than  the senior managers were. One of the interviews suggested that I applied for the Financial consultant role.

So they were hung up on qualifications, but I though someone in their 40s may of had a tough time also due to experience. Anyway wasn’t it good that members of the public would receive the experience of a qualified adviser rather than someone who could just read from a script? I know who I would prefer to deal with. Perhaps NU should look at the level of qualifications their staff have are they appropriate? Plus why didn’t the telephone interview pick this up I told them my level of experience and qualification?

Feedback

“thank you for taking part in our assessment for the above role. Unfortunately, on this occasion, you were unsuccessful.

Although you don’t have the exact skills we are looking for in this particular position, we believe you have many strong qualities. We really enjoyed speaking to you and learning more about your experience, strengths and skills. We were impressed by what we heard and hope this does not discourage you from applying for other suitable roles.” 

No additional feedback was provided although I called a few times, but no responses. 

I went on to apply for the Financial Consultant role but funnily enough despite a member of their staff trained in interviewing advising me to apply for the role I got the same response: ”thank you for the time and effort you’ve put into applying for this role. Unfortunately, on this occasion, you were unsuccessful.” No telephone interview this time!

So let me get this straight, over qualified for one position perhaps not qualified for another? Or just incompetence of the HR department. Draw your own conclusions. But I can say that as a professional and going through the recruitment process, Norwich union is poor. It is no surprise to me that headlines like these appear as they do not employ well trained, qualified staff:

Norwich Union admits 11Million error
http://news.bbc.co.uk/1/hi/business/7719811.stm

Norwich Union £7 Million Computer error
http://findarticles.com/p/articles/mi_qn4158/is_20021214/ai_n12662064

Time wasted on applying and interview

4 hours.

Verdict

Don’t waste your time in applying for a position with this company.

Following the difficult times in the financial service industry we have decided to take a new approach to this blog. We are following the progress of an individual trying to get a job in the financial services sector in the current economic climate within the U.K.

The individual has the followin qualifications:
2.1 degree in Business, Qualified Financial Adviser, Qualified Mortgage Broker, extensive experince in the financial services sector as both an administrator and advising on financial products. First class IT skills and a vast range of system skills.

The individual apllies to jobs within the south west of the U.K from Cheltenham to Bristol. The progress and feedback to interviews will be followed on this blog. 

This one is aimed a mortgage brokers but may be of interest to everyone.

In response to an open letter to Mortgage brokers and some of the comments made, I would like to ask the brokers responsible for this hate campaign to take a step back and consider who the real villain is here. I put it to you all that it is the FSA.

Martin is a journalist reporting on the market and all elements of finance. He has developed the mortgage guide on what I believe to be a fair and impartial manner.

What isn’t fair is the way the FSA has regulated the industry with ambiguous rules of guidance, that can be interoperated in several different ways depending on which company you deal with. It is this which has led to more confusion for consumers than ever before, and given a need for Martin’s guide to be written.

To further demonstrate my argument I would like to point you to Martin’s cheap mortgage finding guide and explain how the FSA impacts on each step: http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback#step1

Step one: Mortgage comparison sites

As most brokers know they have a limited offering compared to whole of market brokers, and if you require any deals out of the ordinary you will struggle to find it. But some of these sites can give rates that whole of market brokers cannot e.g HSBC.

In my opinion the FSA should more tightly regulate these sites.

My concern is that a user can conduct execution only business which is fine, but also can lead to customers ending up with unsuitable deals. There should be clear disclaimers explaining the limitations of the service these sites offer.

Most brokers buy leads from these sites anyway so by Martin’s guide pointing to them, is in effect giving the broker more leads.

Step two: Find a Broker

Are you whole of market- Thanks to the FSA there are a couple of definitions of whole of market.

I feel that whole of market should be whole of market.

The FSA should make it a requirement for every U.K mortgage lender to offers its’ deals to whole of market brokers. If not brokers will not ever be able to truly comply to the FSA’s Treating customers fairly directive.

There is also an issue here that has effected me this year of dual pricing. I have recommended deals to customers to have the same lender to offer a better rate. The FSA should put a stop to this as again brokers and lenders cannot meet the TCF directive with these practices going on.

Endowments

don’t get me started on this. The FSA has not handled this well by allowing companies to be set up who can get customers compensation, but charge a fee of up to 25% or more of the claim for the privilege. I believe that this topic is covered elsewhere on the forum so won’t go into any more detail.

Fees

I offer a no fees service for true whole of market mortgages and financial advice, and I use this to promote my business. But there is an argument of should other brokers be allowed to charge fees for the same advice, or even more limited advice? If a broker charges 1% on a mortgage as a fee, are they really treating the customer fairly if they know other brokers could get them the same deal for no fees?

I believe that the FSA should take a clear stance on this issue and impose guidelines as to what should be charged, depending whether the mortgage was arrange via a home visit or over the telephone.

Bad Credit Brokers

One could argue that these brokers have contributed to the economy as it is today, but you can also blame lenders for allowing borrowers to get mortgages in the first place. Personally I like to blame the FSA for not monitoring these deals correctly. The FSA was created to protect consumers with record home possessions have they done a good job?

Grab Special Exclusives

Refer to my earlier point of dual pricing and that whole of market should mean whole of market. With the right regulation this should not occur.

Cashback mortgages

Again if the consumer is happy with choosing their own mortgage and the risks associated why not advertise this? As with comparison sites I feel that warnings should be given. It would be interesting to see if the consumer would pick a mortgage that pays more commission for a short term gain rather than a more suitable deal.

Using a broker to source a deal, then use a cash back site to get the same deal. This happens but there is no difference from this and the customer going direct to lender, the end result is the same.

However I feel that is important to point out that there is no comeback to the broker if they do this, so if for some reason the same deal is not available and a similar one is taken that is unsuitable it is tough.

Once I had an angry customer contact me who I sourced a deal for, but they went straight to the lender and took the mortgage up directly through them. Believing they ended up with a better product than I had found, they did not realise that there was a five year tie in on a two year fixed rate. I was able to politely point out (although smugly) that the deal had nothing to do with me, and that they could take no further action against me.

Don’t assume brokers are cheapest for associated products

He is right? I personally offer fair analysis on insurance and can beat most comparative quotes.

Check the ones brokers miss

If my earlier whole of market point is taken on board under find a broker any of these points would not be relevant.

I conclude that if brokers focused this negative energy on campaigning for clear guidance on mortgage rather than attacking Martin, Martins guide would be substantially reduced to:

Step one: Find a whole of market broker and

Step two: Consider execution only cash back sites but this risk are…

Over the past two weeks income protection and ASU policy enquires have seen a massive increase at www.cosmicassurance.com . With they economy in a shakey position, and with the recent administartion of MFI and Woolworths, people are concerend they will lose their jobs.

But are people taking up protection too late? As far as ASU policies are concered the answer is more than likely to be yes. ASU policies work by paying out in the event of accident sickness and unemployment. However many providers have a period where you cannot claim for the unemployment benefit. The common terms are that the policy has to be in force for a minium term of 6 months before you get a pay out.

It is also common to have a clause that if you knew you were likely to lose your job and take up the cover, again you will not get paid the unemployment benefit. With no one’s job certain in this current cliamte insurers may use this to their advantage and not pay.

What can you do to ensure your are protected. Our recomendation is to talk to an insurance expert, such as those who will contact you after you complete an enquiry form on our website http://www.cosmicassurance.com/quote.html . Insurance brokers can explain what the policies have to offer and make sure you get cover that is going to pay if you need it.     

With the base rate decrease mortgage lenders are finally passing on some of the benefits to their customers with reduced rate products. If your current mortgage deal is coming to an end it may be worth having a mortgage review to see if you can save.

We can recommend 

no fees mortgage broker

Just a fill in a simple for with your contact details to be contacted by a no broker fees mortgage broker who has access to the whole of the market.

What have you got to loose. — Possibly your own money if you don’t get in touch.

The latest figures show that over the past month homes in England and Wales, have decreased in value by 1.2%. This makes a total of a 4.4% decrease over the last 10 months. This is the fasted rate of decline since the index was launched back in 2001. Many home owners are feeling the pinch but good news for those needing a remortgage, as last week several high street retailers cut their rates. For more information on the rate reductions, you can speak to a professional adviser through our partner site www.cosmicremortgage.com just complete an enquiry for for a call. back.

Recent figures published by National Association of Estate Agents has shown the number of first time buyers entering the property market has increased by nearly 12 percent over the last month. This time last year the figures were only 8 percent.

Many first time buyers could be taking advantage of the decreased house prices, those in good jobs and have a deposit are likely to benefit from attractive mortgage deals such as those sourced by www.cosmicremortgage.com.

Spanish bank group Santander, who currently own the Abbey, have reached an agreement on a takeover for Alliance and Leicester. The acquisition is subject to FSA and the Bank of Spain approval and is likely to take place in October 2008. Alliance and Leicester shareholder have been offer one Santander share for every three A&L shares they have.  

A&L customers can expect to see a change in how the bank is run as Santander plans to combine A&L and Abbey services to benefit customers.  

Following yesterday’s announcement that the base rate is being frozen at 5% many would expect the mortgage market to react by keeping products at the same rate, however many lenders have decided to continue increasing their fixed rate deals. Less than two weeks ago you could get a fixed rate product with an arrangement fee of under £1,000, free legal and valuation fees on a rate of 5.99%. Now for a similar package you are looking at a rate of 6.24%. On a £100,000 repayment mortgage over 25 years this is an increase of £180 per year.

As the base rate has not changed why have the deals gone. Lenders are still making their profits on the difference right? …….. Wrong.  Many lenders base their product rates on several key factors, only one of those is the base rate. Available funds are earmarked at predetermined rate. Once these funds have been used up the products are withdrawn and rates are changed with the next product launch.

Calls have been made for the government to step in and offer relief to lenders but as of yet no action has taken place. One of our trusted brokers from www.cosmicremortgage.com commented. “The government have to act fast. A few weeks ago Gordon Brown had a meeting with lenders to pass on the rate savings when the base rate was lowered, but since then rates have increased.”  ”More has to be done by the government to support lenders and promote affordable housing, to prevent a greater economic downturn.”

Many are finding that they are strugelling to afford mortgages and bill repayments. If you fall into this category you can find out more information on debt from www.grhdebtadvice.co.uk .