Reply to: Banks seem to want to spy on us even more!

[Cirrus]

Play ball or play bench.

The contractors' mantra

[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.

[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.

[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.

[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......

[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..

[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.

[LondonManc]

Simplest solution - don't tell them. There is no way for them to find that information. Brokers do not share it with private companies.
Only HMRC can access this information.

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

[WordIsBond]

If you turn out to be inside trading and they haven't vetted you as well as they could (inside leg measurement, favourite flavour of crayon, etc.) then their reputation takes the hit as much as yours.

This is what it is all about.

I can guarantee they don't care in the least about your personal information. They aren't going to sell it to anyone, they aren't going to use it for anything.

But if you are working on one of their projects, you are potentially going to have access to inside information that could affect trading. You might hear something, you know how things are going on the project. If the project is a vital one its progress could hurt or help their share price, and if you trade on that knowledge, which isn't public, you are breaking the law and they will be in the spotlight for allowing it. You could even sabotage the project and short the shares.

So they take what actions they can to prevent it. It isn't about snooping. You actually aren't important enough to them for them to care about mining your data. It's about covering their own backside. If you don't play the game, they'll likely send you on your merry way. You will have stood on your principles, and in the process fallen onto your own backside on the bench.

There is a time to walk away from a contract over principles. I'm not of the view that this is one, but you'll have to decide for yourself.

[GreenMirror]

The banks have no choice these days. They have a load of petty rules to follow.

Sadly these rules make absolutely no difference to the morality of these bankers. The term "banker" comes from the cockney rhyming slang.

I suggest you just go with the flow.

[AndrewK]

So am I the only one who feels these sorts of requests are too intrusive ? There's a 4 companies chain from me to bank, I already pass yearly credit/history checks they insist on, what good will having yet more personal info on me do ? Guilty until proven is the feeling I get!

Simplest solution - don't tell them. There is no way for them to find that information. Brokers do not share it with private companies.
Only HMRC can access this information.

[LondonManc]

If you turn out to be inside trading and they haven't vetted you as well as they could (inside leg measurement, favourite flavour of crayon, etc.) then their reputation takes the hit as much as yours.

Doesn't matter if you're a contractor. The headlines will be "xxxxx, a contractor at Client Co Bank" and they don't want their name in lights. Play ball or play bench.

[northernladuk]

So just walk then.

[pantsdown]

So am I the only one who feels these sorts of requests are too intrusive ? There's a 4 companies chain from me to bank, I already pass yearly credit/history checks they insist on, what good will having yet more personal info on me do ? Guilty until proven is the feeling I get!

[northernladuk]

Bully tactics? You mean following the rule and taking the agreed action if it isn't followed?