Banks seem to want to spy on us even more!

[AndrewK]

Of course they can. You'll be classed as a Level 0 counterparty, with the L1 counterparty being the broker.

Are you their counterparty? Not sure how that is related with disclosing your investment.

[pantsdown]

I understand all of whats been said, but whats the likely hood of using the accounts I give them to perform shady trades ! Rules are rules, take it or leave it, yeah fine, but senseless in most cases..

[northernladuk]

I understand all of whats been said, but whats the likely hood of using the accounts I give them to perform shady trades ! Rules are rules, take it or leave it, yeah fine, but senseless in most cases..

To you......

[FIERCE TANK BATTLE]

Pretty standard in finance, although when a bunch of us contractors complained about the wording of the agreement we had to sign (permie wording, like disciplinary action, must report to their manager, etc.) they assured us that they would treat us exactly like all of the permies and so there was nothing to worry about.

They had no idea what IR35 was, and got angry and just wanted us to sign.

We decided to rewrite the agreement and signed it and handed it in and they never complained, so... guess they thought it was someone else's problem.

[WordIsBond]

We decided to rewrite the agreement and signed it and handed it in and they never complained, so... guess they thought it was someone else's problem.

That's exactly what it is, someone else's problem.

It's all driven by compliance. There's a lot of fear in finance/banking these days. So you establish lots of rules to make it harder for anything to go wrong and so you can claim you did everything you could to prevent it when something does go wrong.

No banking executive wants to be dragged in front of a select committee with a bunch of MPs who are just going to be playing to the cameras. That's the reality of banking now. If we want to make money providing services to them, we'd better recognise what their world is like and be willing to live in it for as long as we are taking their money.

[original PM]

Remember it is really there to stop TOO MANY people benefiting from insider trading.

The exec's of the bank do not want the hoi-polloi of contractors benefiting from these sort of nefarious actions - only they should profit.

Know your place.

[Cirrus]

Play ball or play bench.

The contractors' mantra