Does Financial Services Rep title from Money Mart/Cash Money etc. qualify for TEER 3/NOC B

[Specter04]

Hello all,

I really need help. I've been working as a Financial Services Rep for a while at Cash Money. I give payday loans and line of credit to clients and I take custody of the cash vault often. I didn't have to take CSC/IFIC or mutual funds license and the company has only 2 products Line of Credit and Payday loans for now.
Does this role fall under 6235?

The duties from official NOC site for FSR 6235 is as follows:

• Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services
• Interview applicants for personal, mortgage, student and business loans
• Promote the sale of deposit, investment, credit and loan products and services
• Assist clients by proposing solutions to address financial objectives such as business expansion, debt management, investment and other financial goals
• Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan
• Complete credit and loan documentation
• Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
• Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action
• Review and update credit and loan files
• Act as joint custodian for cash and securities.
• Employment requirements
  • Completion of secondary school and extensive general banking experience is usually required.
  • A bachelor's degree or college diploma related to commerce or economics may be required.
  • A mutual funds licence is usually required.
  • Registration with the securities regulatory authority in the province or territory of employment is usually required.
  • Completion of a loan or credit training program, ranging from six to twelve months, is usually required.
  • Various training programs and courses are offered by the Canadian Securities Institute and may be required by employers.
  • Financial services officers who sell regulated financial products and investments are required to be licensed by the appropriate governing body.

Someone please let me know, losing my sleep over this

 

[forevermore76]

Hello all,

I really need help. I've been working as a Financial Services Rep for a while at Cash Money. I give payday loans and line of credit to clients and I take custody of the cash vault often. I didn't have to take CSC/IFIC or mutual funds license and the company has only 2 products Line of Credit and Payday loans for now.
Does this role fall under 6235?

The duties from official NOC site for FSR 6235 is as follows:

• Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services
• Interview applicants for personal, mortgage, student and business loans
• Promote the sale of deposit, investment, credit and loan products and services
• Assist clients by proposing solutions to address financial objectives such as business expansion, debt management, investment and other financial goals
• Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan
• Complete credit and loan documentation
• Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
• Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action
• Review and update credit and loan files
• Act as joint custodian for cash and securities.
• Employment requirements
  • Completion of secondary school and extensive general banking experience is usually required.
  • A bachelor's degree or college diploma related to commerce or economics may be required.
  • A mutual funds licence is usually required.
  • Registration with the securities regulatory authority in the province or territory of employment is usually required.
  • Completion of a loan or credit training program, ranging from six to twelve months, is usually required.
  • Various training programs and courses are offered by the Canadian Securities Institute and may be required by employers.
  • Financial services officers who sell regulated financial products and investments are required to be licensed by the appropriate governing body.

Someone please let me know, losing my sleep over this

It says "usually required" or "maybe required" for courses. Your role falls either within 6235 or 6551. You are performing more duties than 6551 so it's most likely 6235. I would check with HR at your company and seek confirmation. They have to know this information.

 

[Specter04]

It says "usually required" or "maybe required" for courses. Your role falls either within 6235 or 6551. You are performing more duties than 6551 so it's most likely 6235. I would check with HR at your company and seek confirmation. They have to know this information.

Hello,
Thank you for replying ! The HR told me that they changed the job title a few years ago because it matches more with 63102/6325 apparently. But my company does not have investments/mortgagaes/ business loans etc. only Line of Credit, Payday loan and recently auto loans does that somehow make my position invalid?

 

[forevermore76]

Hello,
Thank you for replying ! The HR told me that they changed the job title a few years ago because it matches more with 63102/6325 apparently. But my company does not have investments/mortgagaes/ business loans etc. only Line of Credit, Payday loan and recently auto loans does that somehow make my position invalid?

63102 is clearly categorized as TEER3. Your job role does not have to perform every single function as defined under the NOC and given the fact your employer doesn't use the job title customer service and instead financial services, they have done their due diligence.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/eligibility/find-national-occupation-code.html

What exactly are you trying to achieve though? The answer to your question is your job is under 63102 and TEER3 based on current classification but unless you provide more context that's all I can help with.

 

[Specter04]

63102 is clearly categorized as TEER3. Your job role does not have to perform every single function as defined under the NOC and given the fact your employer doesn't use the job title customer service and instead financial services, they have done their due diligence.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/eligibility/find-national-occupation-code.html

What exactly are you trying to achieve though? The answer to your question is your job is under 63102 and TEER3 based on current classification but unless you provide more context that's all I can help with.

I am just trying to confirm that my role fits thats description of the job in the occupational database so that my work experience isnt a waste

 

[forevermore76]

I am just trying to confirm that my role fits thats description of the job in the occupational database so that my work experience isnt a waste

Unless you are working for some sketchy payday company, you should be fine.

 

[Specter04]

Unless you are working for some sketchy payday company, you should be fine.

By sketchy do you mean the small ones? Because I'm working for CashMoney, people call it a sketchy payday place but they are pretty big and is part of CURO Group in US.

 

[forevermore76]

By sketchy do you mean the small ones? Because I'm working for CashMoney, people call it a sketchy payday place but they are pretty big and is part of CURO Group in US.

Yes, payday business itself is sketchy because it's predatory lending but it's a legal business model and CashMoney seems like a major player. You're good, stop sweating over this. Lol

 

[scylla]

Yes, payday business itself is sketchy because it's predatory lending but it's a legal business model and CashMoney seems like a major player. You're good, stop sweating over this. Lol

CashMoney is still predatory lending. It's just big and established predatory lending. They charge something like 50% annual interest on loans.

Agreed that OP should be fine.

 

[Specter04]

Yes, payday business itself is sketchy because it's predatory lending but it's a legal business model and CashMoney seems like a major player. You're good, stop sweating over this. Lol

Many many thanks!!! :')

 

[forevermore76]

CashMoney is still predatory lending. It's just big and established predatory lending. They charge something like 50% annual interest on loans.

Agreed that OP should be fine.

Try again... 442% annual interest based on federal govt data lol. I saw this documentary not very long ago about Scott Tucker. It's dirty business but the society needs it and there's no willingness to end it.

Definitely not an immigration related thing or related to OPs question but just some interesting facts.

 

[scylla]

Try again... 442% annual interest based on federal govt data lol. I saw this documentary not very long ago about Scott Tucker. It's dirty business but the society needs it and there's no willingness to end it.

Definitely not an immigration related thing or related to OPs question but just some interesting facts.

Wow. That's even worse than I understood.

I don't understand why these companies are even legal.