Investing in stocks when contracting for a bank

[Whorty]

It’s a shame that there’s a minority of people on this forum who criticise and belittle others, which in turn may prevent others from posting on this forum who genuinely want to gain valuable advice. I’ve seen this a few times and I’m not sure what such people get out of this. In such times, contractors face issues with IR35, perhaps no pay during coronavirus (not being covered by government help either) - such forums are helpful and can support people to navigate through such issues.

The negativity is unnecessary. If you can’t say anything helpful, probably best you don’t say anything at all.

Thanks to those that genuinely help.

AS NLUK said, you posted in General; General is a free for all where manners and sensitivities are left at the door on the way in.

Saying that, you have pretty much been given fair advice and, compared to many posters, been treated fairly well.

The problem we see though, time and again, is someone posting a question, receiving good advice, but because the poster doesn't like the advice or wants a different answer, keeps posting the same question but in different ways. Your original question was fine, but (to me anyway) you have tended to then keep pushing the same question in the hope that someone will give you the answer you want.

If you're happy to have some banter and you have thick skin, stay in General but if not then post questions in one of the professional sections instead.

[MrMarkyMark]

The issue is that you can only use a select few brokers and have restrictions on when you can buy and sell. I didn’t realise that such restrictions are placed on contractors. You live and learn!

One of the problems of working with banks, both IB and retail.
Most of them are this way and I've contracted for 7.

They can be very strict, I know one guy walked off site for just posting some code, he had written, from his mail account home.

The reason there is a limited number of brokers used, apart from the obvious back scratching reasons, is that they can keep an eye on you easily.

My advice is simple, just follow the rules.

[Rebel]

AS NLUK said, you posted in General; General is a free for all where manners and sensitivities are left at the door on the way in.

Saying that, you have pretty much been given fair advice and, compared to many posters, been treated fairly well.

The problem we see though, time and again, is someone posting a question, receiving good advice, but because the poster doesn't like the advice or wants a different answer, keeps posting the same question but in different ways. Your original question was fine, but (to me anyway) you have tended to then keep pushing the same question in the hope that someone will give you the answer you want.

If you're happy to have some banter and you have thick skin, stay in General but if not then post questions in one of the professional sections instead.

Yes I received some good advice and that was enough to help me understand how to move forward. But then I read your latest message this morning where you made an assumption that I’m looking to get confirmation so that I can ignore that bank’s policies. No I wasn’t after that at all, so please don’t fill in the gaps with your presumptions.

Yes I have an issue with being controlled in this way - my name is Rebel after all. However, this doesn’t mean I will risk my 15-20 year career and business. I love working and wouldn’t take such unnecessary risks.

[Rebel]

One of the problems of working with banks, both IB and retail.
Most of them are this way and I've contracted for 7.

They can be very strict, I know one guy walked off site for just posting some code, he had written, from his mail account home.

The reason there is a limited number of brokers used, apart from the obvious back scratching reasons, is that they can keep an eye on you easily.

My advice is simple, just follow the rules.

Yes agreed. I’ve been contracting for 10 years now (and I have several other businesses) and it’s only recently that I’ve wanted to invest in shares. Hence why I was asking the questions. You need to ask the questions to get clear on how to move forward.

[caffeine man]

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 do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

[MrMarkyMark]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

All AFAIK.

[Rebel]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

[MrMarkyMark]

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

Depending on where you work in the bank, you are unlikely to find anything out worth any advantage anyway.

Insider trading and cheating is only allowed by the banks themselves, not those that work or contract for them.

[BlasterBates]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

You declare each trade you make. It is usually routine over a web-app, and is approved immediately. Very occasionally there maybe a temporary block on a stock, but highly unlikely.

The biggest problem is when they demand you use an approved broker, but you might be able to get around that if you agree to provide them with statements of your transactions. As a contractor you don't usually have access to sensitive data, so you will be low risk. There is usually a minimum holding period of 7 days.

[BlasterBates]

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

I don't see that they can expect you to sell shares you already own as long as they're declared, you should be able to transfer them.

They have no right to interfere with your pension arrangements, they're simply keeping tabs on your trading. If there are any difficulties associated with transferring shares, go and talk to the compliance dept.