Investing in stocks when contracting for a bank Investing in stocks when contracting for a bank
Page 1 of 5 123 ... LastLast
Posts 1 to 10 of 48
  1. #1

    Still gathering requirements...

    Rebel is too good to be a permie


    Join Date
    Feb 2012
    Posts
    47

    Default 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. #2

    Super poster

    Whorty - scorchio!

    Whorty's Avatar
    Join Date
    Dec 2014
    Location
    South West
    Posts
    3,946

    Default

    Quote 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

  3. #3

    Still gathering requirements...

    Rebel is too good to be a permie


    Join Date
    Feb 2012
    Posts
    47

    Default

    Quote 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.

  4. #4

    Double Godlike!

    LondonManc is a fount of knowledge


    Join Date
    Sep 2014
    Location
    Work-life balance nirvana
    Posts
    11,489

    Default

    Quote 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

  5. #5

    Godlike

    ladymuck is always on top

    ladymuck's Avatar
    Join Date
    Sep 2005
    Location
    London
    Posts
    8,687

    Default

    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.

  6. #6

    My post count is Majestic

    northernladuk has reached the peak. Play again?

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    43,328

    Default

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

  7. #7

    Super poster

    Whorty - scorchio!

    Whorty's Avatar
    Join Date
    Dec 2014
    Location
    South West
    Posts
    3,946

    Default

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

  8. #8

    Godlike

    ladymuck is always on top

    ladymuck's Avatar
    Join Date
    Sep 2005
    Location
    London
    Posts
    8,687

    Default

    Quote 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.

  9. #9

    Still gathering requirements...

    Rebel is too good to be a permie


    Join Date
    Feb 2012
    Posts
    47

    Default

    Quote 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.

  10. #10

    More fingers than teeth

    BlasterBates - scorchio!

    BlasterBates's Avatar
    Join Date
    Jul 2005
    Location
    1922 Commitee
    Posts
    14,546

    Default

    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

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •