Lloyds show their IR35 hand.....

[northernladuk]

Can anyone confirm re IR35 and the "Lloyds" rumors - is it Lloyds Banking Group or Lloyds of London Insurance?

Couple of secs on Google.

‘Domino effect’ of IR35 reform bites, as Lloyds, Barclays and GSK stop hiring limited company contractors

[kryten22uk]

It's a big decision for LBG. I was recently told they had 28,000 contractors on their books, group-wide.

[mikedarv]

I've been a contractor at said bank for quite some time, would anyone recommend getting IR35 insurance now in preparation for what might happen come next year? Aware this could potentially be a stupid question. Although I'm on a lower rate than most so have never really thought about it until now.

[cojak]

I've been a contractor at said bank for quite some time, would anyone recommend getting IR35 insurance now in preparation for what might happen come next year? Aware this could potentially be a stupid question. Although I'm on a lower rate than most so have never really thought about it until now.

QDOS and the like will only give you IR35 insurance if they think that you are actually outside IR35 and can fight it. I've never heard of them provide insurance years into a contract.

You might need to read this.

https://www.contractoruk.com/forums/...ould-i-go.html

[northernladuk]

I've been a contractor at said bank for quite some time, would anyone recommend getting IR35 insurance now in preparation for what might happen come next year? Aware this could potentially be a stupid question. Although I'm on a lower rate than most so have never really thought about it until now.

You'd be pretty stupid not to try get it to be honest. IMO, and we've said for many years, getting insurance is contracting 101 even without all this going on.

Will you get it? That's the interesting question. Must be some very interesting times at QDOS and other insurance companies. They've suddenly got possibly 10's of thousands of new customers but many will be very high risk. Insurances aren usually priced to cover the chance of it being called upon. That chance has just gone through the roof. What will they do about that? You'd imagine all these new people are just not cost effective.

I've said for many years that IR35 insurance is one of the few that is not costed against risk and its irked me somewhat over the that time. I wonder if they are considering insuring high risk people with an increased premium or something? Maybe backpay at full rate for the years not insured even. Being rather blunt I'd like to see them saying no to a good number of people to show they are running a proper risk/cost based service rather than just sweeping up all this new risky business with gay abandon but I'm sure that's completely wrong of me to say.

Interesting times for them to be sure.

[wattaj]

...Being rather blunt I'd like to see them saying no to a good number of people to show they are running a proper risk/cost based service rather than just sweeping up all this new risky business with gay abandon but I'm sure that's completely wrong of me to say...

No, not wrong. This should have happened years ago; it would have focused minds considerably.

[KUWTC]

Here's a bit more detail on Lloyds Banking Group's IR35 decision processes.
IR35 reforms: Lloyds Bank contractors to get deadline on future employment status

[BABABlackSheep]

Internal comms have been sent to all Lloyds contractors now.

Almost exactly as discussed here on this forum and through computer weekly and other publications.

[Paralytic]

Internal comms have been sent to all Lloyds contractors now.

Almost exactly as discussed here on this forum and through computer weekly and other publications.

Did they just copy the Barclays letter and change the logo?

[saptastic]

Question - Barclays & Lloyd's make the assessment decisions - but isn't their rec agency (fee payer) liable with any risk on 'wrong' assessments? So they are making decisions to protect their agencies rather than their own risk (apart from reputation in the contracting world)? I maybe wrong - so shout me down .......