Banks seem to want to spy on us even more!

[pantsdown]

The bank I'm contracting at has introduced a new rule, which apparently includes contractors/temps etc. They want us to disclose any assets such as investments, down to the point of if your broker is not on their approved list you must transfer your shares to one of their brokers, pre-clear any trades you may want to make, holding periods , the list goes on!

I suspect refusal will result in the usual bully tactics, anyone else experiencing similar ?

[uk contractor]

This is not new at all I got this over 5 years ago its pretty common practice nowadays. Your compliance department must have finally woken up!

[northernladuk]

Bully tactics? You mean following the rule and taking the agreed action if it isn't followed?

[pantsdown]

So am I the only one who feels these sorts of requests are too intrusive ? There's a 4 companies chain from me to bank, I already pass yearly credit/history checks they insist on, what good will having yet more personal info on me do ? Guilty until proven is the feeling I get!

[northernladuk]

So just walk then.

[LondonManc]

If you turn out to be inside trading and they haven't vetted you as well as they could (inside leg measurement, favourite flavour of crayon, etc.) then their reputation takes the hit as much as yours.

Doesn't matter if you're a contractor. The headlines will be "xxxxx, a contractor at Client Co Bank" and they don't want their name in lights. Play ball or play bench.

[AndrewK]

So am I the only one who feels these sorts of requests are too intrusive ? There's a 4 companies chain from me to bank, I already pass yearly credit/history checks they insist on, what good will having yet more personal info on me do ? Guilty until proven is the feeling I get!

Simplest solution - don't tell them. There is no way for them to find that information. Brokers do not share it with private companies.
Only HMRC can access this information.

[GreenMirror]

The banks have no choice these days. They have a load of petty rules to follow.

Sadly these rules make absolutely no difference to the morality of these bankers. The term "banker" comes from the cockney rhyming slang.

I suggest you just go with the flow.

[WordIsBond]

If you turn out to be inside trading and they haven't vetted you as well as they could (inside leg measurement, favourite flavour of crayon, etc.) then their reputation takes the hit as much as yours.

This is what it is all about.

I can guarantee they don't care in the least about your personal information. They aren't going to sell it to anyone, they aren't going to use it for anything.

But if you are working on one of their projects, you are potentially going to have access to inside information that could affect trading. You might hear something, you know how things are going on the project. If the project is a vital one its progress could hurt or help their share price, and if you trade on that knowledge, which isn't public, you are breaking the law and they will be in the spotlight for allowing it. You could even sabotage the project and short the shares.

So they take what actions they can to prevent it. It isn't about snooping. You actually aren't important enough to them for them to care about mining your data. It's about covering their own backside. If you don't play the game, they'll likely send you on your merry way. You will have stood on your principles, and in the process fallen onto your own backside on the bench.

There is a time to walk away from a contract over principles. I'm not of the view that this is one, but you'll have to decide for yourself.

[LondonManc]

Simplest solution - don't tell them. There is no way for them to find that information. Brokers do not share it with private companies.
Only HMRC can access this information.

Of course they can. You'll be classed as a Level 0 counterparty, with the L1 counterparty being the broker.