HSBC bans its consultancies from supplying limited company contractors HSBC bans its consultancies from supplying limited company contractors - Page 4
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  1. #31

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    Quote Originally Posted by Paralytic View Post
    I'm not sure this is about profit, but instead it is about risk. If HSBC go to MyLittleAgency and to get a resources, and that person is paid via a PSC, HSBC have to make the determination. They don't want to make determinations. It confuses their HR department and makes their legal department worry. They just want a temporary employee they can tell what to do.
    Totally agree with that. It's too much paperwork and they baulked at the quote Resource Solutions gave them for doing it.

    Part of me wonders: how will HSBC (and Lloyds) police the PSC ban? It must depend on those consultancies, large and small, all making regular "we're doing as we're told, honest guv" declarations. So that's a job for someone in the bank to monitor, chase up, record, blah blah blah.

  2. #32

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    Quote Originally Posted by ladymuck View Post
    Totally agree with that. It's too much paperwork and they baulked at the quote Resource Solutions gave them for doing it.

    Part of me wonders: how will HSBC (and Lloyds) police the PSC ban? It must depend on those consultancies, large and small, all making regular "we're doing as we're told, honest guv" declarations. So that's a job for someone in the bank to monitor, chase up, record, blah blah blah.
    There's an app for that - as the process is simple.

    On new consultant arriving at door, person asks the consultancy involved if they are PSC. If consultancy answers No (person is on payroll), liability is transferred to consultancy on grounds of fraud. If consultancy answers Yes (the person uses a PSC), request consultant is replaced with one that meets the rules.

    If there isn't such an app and anyone from HSBC or Lloyds is listening - happy to write it for you. Won't take more than a day or two.
    Last edited by eek; 22nd January 2020 at 18:15.
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  3. #33

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    Quote Originally Posted by ladymuck View Post
    Part of me wonders: how will HSBC (and Lloyds) police the PSC ban? It must depend on those consultancies, large and small, all making regular "we're doing as we're told, honest guv" declarations. So that's a job for someone in the bank to monitor, chase up, record, blah blah blah.
    I suspect this will be a new task for the client's partner manager (or whatever they're called now ) to ensure their service provider is compliant.

    Or, where there is an incumbent service provider with a large presence at a client, the on-site manager from the service provider manager might fulfil that role with some governance oversight from the client.

  4. #34

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    The reason the City got very good people is because it paid well. If they are going to stop doing that they will lose a lot of talent long term.

  5. #35

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    Quote Originally Posted by SussexSeagull View Post
    The reason the City got very good people is because it paid well. If they are going to stop doing that they will lose a lot of talent long term.
    Only if the talent has somewhere else to go.
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  6. #36

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    Quote Originally Posted by SussexSeagull View Post
    The reason the City got very good people is because it paid well. If they are going to stop doing that they will lose a lot of talent long term.
    There's a lot of non-talent at HSBC. Lots of average contractors.

  7. #37

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    Quote Originally Posted by eek View Post
    Only if the talent has somewhere else to go.
    there may very well be. Not all organisations are adopting a no contractor policy.

  8. #38

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    Hearing that Barclays are going down the route of no PSC's and no umbrellas...

    Not sure if that means all the people working via the likes of Avenade, HCL and whatever else are going to be kicked out or forced into some other kind of PAYE arrangement.

  9. #39

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    Quote Originally Posted by ladymuck View Post
    Hearing that Barclays are going down the route of no PSC's and no umbrellas...

    Not sure if that means all the people working via the likes of Avenade, HCL and whatever else are going to be kicked out or forced into some other kind of PAYE arrangement.
    no umbrellas
    given the latest "guidance" on where liability will fall, this whole IR35 mess is going to be more difficult to handle than many have predicted.

  10. #40

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    Quote Originally Posted by JohntheBike View Post
    given the latest "guidance" on where liability will fall, this whole IR35 mess is going to be more difficult to handle than many have predicted.
    I don't think it's difficult to handle. There will be plenty of contractors willing to go inside. The market isn't exactly great at the moment. Clients don't have to do much at all. They can carry on being risk averse regarding IR35.

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