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Investing in stocks when contracting for a bank

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    Investing in stocks when contracting for a bank

    Hi,

    Just wondering if anyone has any knowledge of investment restrictions when contracting for a bank.

    I plan to purchase some shares and apparently these need to be declared to the bank I’m working at.

    Didn’t realise that this was of any concern to the bank I’m working at and I’m wondering how they would know what shares I’m purchasing if I didn’t declare them.

    Any advise would be appreciated.

    Regards,

    #2
    Originally posted by Rebel View Post
    Hi,

    Just wondering if anyone has any knowledge of investment restrictions when contracting for a bank.

    I plan to purchase some shares and apparently these need to be declared to the bank I’m working at.

    Didn’t realise that this was of any concern to the bank I’m working at and I’m wondering how they would know what shares I’m purchasing if I didn’t declare them.

    Any advise would be appreciated.

    Regards,
    I've worked for fund managers (as a contractor) and always had to declare what shares, bonds etc I hold (also had to declare wife's holdings ..... and she had to declare mine to her company). It's to stop, or at least try to identify, any conflicts of interest and potential naughty business

    Nothing to worry about, but you're safer declaring than trying to hide it and getting caught afterwards!
    I am what I drink, and I'm a bitter man

    Comment


      #3
      Originally posted by Whorty View Post
      I've worked for fund managers (as a contractor) and always had to declare what shares, bonds etc I hold (also had to declare wife's holdings ..... and she had to declare mine to her company). It's to stop, or at least try to identify, any conflicts of interest and potential naughty business

      Nothing to worry about, but you're safer declaring than trying to hide it and getting caught afterwards!
      Thanks for replying. I don’t intend to keep the shares very long though so it doesn’t seem worth it to keep declaring shares that I’m buying and selling within a few days.

      Comment


        #4
        Originally posted by Rebel View Post
        Hi,

        Just wondering if anyone has any knowledge of investment restrictions when contracting for a bank.

        I plan to purchase some shares and apparently these need to be declared to the bank I’m working at.

        Didn’t realise that this was of any concern to the bank I’m working at and I’m wondering how they would know what shares I’m purchasing if I didn’t declare them.

        Any advise would be appreciated.

        Regards,
        Each bank has a policy about this. If you breach this, you will be walked. If you don't think they can find out, you're a fool. Their job is stocks, shares, counterparties, etc. PSD2 (open banking) will only make that easier for them to check.
        The greatest trick the devil ever pulled was convincing the world that he didn't exist

        Comment


          #5
          Yeah I've had to declare my paltry holdings which amount to the sum total of eff-all.

          Someone I know, who has quite significant shareholdings, was told by one client that they couldn't use the firm they were using and would have to move to a firm of the client's choosing if they wanted to retain those stocks. No idea how they resolved that as it would have lost them an absolute fortune as they said they would have to sell everything and re-purchase with the "correct" company.

          Comment


            #6
            What does your contract say?
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Originally posted by northernladuk View Post
              What does your accountant say?
              FTFY
              I am what I drink, and I'm a bitter man

              Comment


                #8
                Originally posted by northernladuk View Post
                What does your contract say?
                Interestingly, it wasn't specificially in my contract (this was at Barclays btw) but I think it would have come under the catch-all of complying with the client's processes. I CBA to actually look it up but there's always a clause about such things that covers the H&S and random admin stuff.

                Comment


                  #9
                  Originally posted by ladymuck View Post
                  Yeah I've had to declare my paltry holdings which amount to the sum total of eff-all.

                  Someone I know, who has quite significant shareholdings, was told by one client that they couldn't use the firm they were using and would have to move to a firm of the client's choosing if they wanted to retain those stocks. No idea how they resolved that as it would have lost them an absolute fortune as they said they would have to sell everything and re-purchase with the "correct" company.
                  This is what a colleague of mine has to do. They only can go through a select few list of brokers.

                  Comment


                    #10
                    Just send an e-mail every time you buy or sell anything. It is normal, they'll ignore it as you're a "nobody".

                    No advantage in not telling them. Not worth the risk however small, that they find out you're breaking the rules.
                    I'm alright Jack

                    Comment

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