Other business interests

[Funkywood]

Having just entered the investment banking sector as a permie I've become more aware of all the FSA regulations around conflicts of interest and declaring all other business interests. Now as a permie still on remand I'm not going to jeopardise my role by doing stuff on the side but once I get back into the contract market I'm going to want to spend the bench time and evenings on plan B, which will involve selling some software totally unrelated to my contracting.

Assuming I'm still in the finance arena am I likely to hit any big problems with this? I assume clients still have to do these checks on contractors as much as perms.

I'd like to do some trading again too when we get Northern Rock like events but I guess that might be more difficult! Anyone else subject to the minimum 30 day trading rule?

[mjshrimpton]

Assuming I'm still in the finance arena am I likely to hit any big problems with this? I assume clients still have to do these checks on contractors as much as perms.

Your companies working relationship will be defined in the contract between you and the agency(unless direct), so don't sign one which does not let you do other work. If you did you would be

1) Mental
2) Inside IR35

There will obviously be clauses restricting you working for competitors, and that will be what you need to take care with.

[Funkywood]

Yeah, I'm sure they're not going to stop me doing other stuff, I just wanted to know if there would be a lot of hassle and paperwork.

[Moscow Mule]

Check. Contract. Carefully.

Lots of places have clauses in their standard contract saying anything you create whilst working for them is theirs. If it's been poorly worded, this can often be construed as "the whole time you are engaged by them" - even when you're at home.

Even if the clause is ignored, or would be struck down by a court as restrictive, it's better not to have it in there in the first place...

[Jog On]

Can they stop you from trading? I’d definitely check for the ‘anything you create belongs to us’ clause.

Can I ask what kind of stuff you are thinking of doing and how you’re going to market it? I’m having some software made for me over elance and am preparing my marketing/sales letter/joint venture partners/affiliate program now as well as capturing leads prior to launch. I’m going to sell mine over clickbank PM me if you’d like to discuss it further.

One of the things I love about contracting is that I am totally open about my other interests to my clients and their staff, they know full well that I’m building up a business and support me all the way – as long as I don’t do it on their time. Probably couldn’t do that in a permie role.

[Swiss Tony]

I have a client that contracts for an investment bank, To do any financial investing involving the stock markets it needs to be approved by their internal lot and then subject to an FSA check.

Makes any get rich quick schemes a bit redundant as by the time it goes through everything.

[Funkywood]

I have a client that contracts for an investment bank, To do any financial investing involving the stock markets it needs to be approved by their internal lot and then subject to an FSA check.

Makes any get rich quick schemes a bit redundant as by the time it goes through everything.

OK, that'll be the hassle I mentioned. Guess it's time to cash in my spread betting account.

Jog - I'm looking at clickbank too. Internet marketing is too big a subject to start talking about here though.