Restricted broker list for investments
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  1. #1

    Nervous Newbie


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    Default Restricted broker list for investments

    For my new contract I have to disclose all investments and close any accounts not with a list of 6 approved brokers.

    I guess people will have come across this before.
    Do you think it will apply to sipps and unit trusts in isas as well as shares.
    From the compliance doc it looks like it does.

    I don't mind moving things as I need to go through a period of consolidation and I can see why they want it but don't want to do it unnecessarily only to unwind it at the end of the contract.
    I also think it might be difficult to find someone there to talk to about it. The terminology they use is a bit vague.

  2. #2

    Some things in Moderation

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    I have NEVER heard of this before, let alone been asked for it.

    It's no bodies business but yours how you invest your post-tax money.

  3. #3

    Nervous Newbie


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    Quote Originally Posted by cojak View Post
    I have NEVER heard of this before, let alone been asked for it.

    It's no bodies business but yours how you invest your post-tax money.
    It's to do with insider trading.
    They are trying to ensure that non-public company information isn't used - or at least to be able to say they are trying.
    That is reasonable but they seem to be going a bit overboard.

  4. #4

    I live on CUK

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    Quote Originally Posted by nrsql View Post
    It's to do with insider trading.
    They are trying to ensure that non-public company information isn't used - or at least to be able to say they are trying.
    That is reasonable but they seem to be going a bit overboard.
    I suggest you query them about investments you have that have a fund manager or are trackers as you, personally, don't decide what they are invested in.
    "You’re just a bad memory who doesn’t know when to go away" JR

  5. #5

    Contractor Among Contractors

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    What sueellen says.
    They're likely interested in any investments you have direct control over.
    See You Next Tuesday

  6. #6

    Still gathering requirements...


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    I've come across this before; the problem is that they have no way of knowing that you are only holding collectives etc. unless you are signed up with one of their "approved" brokers, meaning one of the brokers who has agreed to grass you up in the event that you do act on some juicy tidbit you picked up at the office.

    In my case I managed to argue that it was overkill for the role/duration I was doing, and also that the line of business they were in didn't present many opportunities that a lowly IT contractor would be able to capitalise on. This was at a fairly "boutique" manager; not sure this would have worked at a giant IB so your mileage may vary.
    Last edited by Ebenezer; 10th September 2017 at 21:48.

  7. #7

    Still gathering requirements...


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    Tried once to be honest. IB asked me to close an account.
    But they never bothered to check anything.
    Even traders do some trading on the side.

  8. #8

    Double Godlike!

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    I had something similar, though they were expecting us to move all our shares onto the bank's account. After speaking to them they were quite happy for me to keep my external account as long as I sent them my trades. I usually forgot

    In the end they relaxed the rules and we were moved out of the regulatory monitoring.
    Author of the best seller "How to get Poor quickly"

  9. #9

    Should post faster


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    Had something like this before, and spend a significant portion of my contract in discussion with Compliance over my SIPP (which they relented on) and a CompuServe account by which I could sell shares acquired through a previous employer's SAYE scheme (again, they eventually relented, on the basis of formal guarantees to not trade using this account whilst under contract). It was tiring, and they are really only after the areas where you control which companies are being invested in, but banks are incredibly fastidious about this sort of thing and probably best to be as open as possible rather than technically giving grounds for immediate dismissal.

    Find an in-country Compliance officer with some clout and discuss it with them. In my experience the offshored Compliance centres of excellence will apply the rules without any modicum of latitude or reasonableness.

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