Reply to: Investing in stocks when contracting for a bank

[BrilloPad]

All shares - it's to do with their desire to be whiter than white, operational risk policies on insider knowledge accusations are mitigated, etc.

I strongly disagree.

it's to do with their desire to appear to be whiter than white, operational risk policies on insider knowledge accusations are mitigated.

The morals of the people who work their seem as bad as ever. And they cover it up with an endless supply of stupid courses, paperwork etcetc. Astonishing really.

[Rebel]

All shares - it's to do with their desire to be whiter than white, operational risk policies on insider knowledge accusations are mitigated, etc.

Yes sounds like this is indeed the reason.

[LondonManc]

All shares - it's to do with their desire to be whiter than white, operational risk policies on insider knowledge accusations are mitigated, etc.

[Rebel]

That was their situation, I never said it was applicable to all.

I have no idea why they couldn't transfer from one broker to another, that's their personal finance business and I wasn't going to pry into it.

Yes that’s completely understandable.

[ladymuck]

That’s good news then. Looks like the message on page 1 of this post (by Ladymuck) either wasn’t correct or we are missing something here. Ladymuck said a friend had to potentially sell them re-purchase the shares.

That was their situation, I never said it was applicable to all.

I have no idea why they couldn't transfer from one broker to another, that's their personal finance business and I wasn't going to pry into it.

[Rebel]

Yes you can transfer shares. It's like transferring cash, a brokerage has to do it on request.

The shares belong to you, you can go down, get the certificates and put them in a safe if you want to.

That’s good news then. Looks like the message on page 1 of this post (by Ladymuck) either wasn’t correct or we are missing something here. Ladymuck said a friend had to potentially sell them re-purchase the shares.

[BlasterBates]

Well I’ve gone through the documentation. If you hold the shares with a broker that is not on their list then you will not be allowed to hold them. I’m not sure if you can simply transfer shares from one broker to another. If you can’t transfer, then you would need to sell them.

Yes you can transfer shares. It's like transferring cash, a brokerage has to do it on request.

The shares belong to you, you can go down, get the certificates and put them in a safe if you want to.

[Rebel]

I don't see that they can expect you to sell shares you already own as long as they're declared, you should be able to transfer them.

They have no right to interfere with your pension arrangements, they're simply keeping tabs on your trading. If there are any difficulties associated with transferring shares, go and talk to the compliance dept.

Well I’ve gone through the documentation. If you hold the shares with a broker that is not on their list then you will not be allowed to hold them. I’m not sure if you can simply transfer shares from one broker to another. If you can’t transfer, then you would need to sell them.

[BlasterBates]

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

I don't see that they can expect you to sell shares you already own as long as they're declared, you should be able to transfer them.

They have no right to interfere with your pension arrangements, they're simply keeping tabs on your trading. If there are any difficulties associated with transferring shares, go and talk to the compliance dept.

[BlasterBates]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


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You declare each trade you make. It is usually routine over a web-app, and is approved immediately. Very occasionally there maybe a temporary block on a stock, but highly unlikely.

The biggest problem is when they demand you use an approved broker, but you might be able to get around that if you agree to provide them with statements of your transactions. As a contractor you don't usually have access to sensitive data, so you will be low risk. There is usually a minimum holding period of 7 days.

[MrMarkyMark]

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

Depending on where you work in the bank, you are unlikely to find anything out worth any advantage anyway.

Insider trading and cheating is only allowed by the banks themselves, not those that work or contract for them.

[Rebel]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

Oddly enough it’s all stocks. And you can’t buy and sell them in a short period of time. You have to request permission to buy and then request permission when you want sell.

If you use a broker not on their 5, then you’ll need to sell them and only use their brokers.

[MrMarkyMark]

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


Sent from my iPhone using Contractor UK Forum

All AFAIK.

[caffeine man]

Hi,

Just wondering if anyone has any knowledge of investment restrictions when contracting for a bank.

I plan to purchase some shares and apparently these need to be declared to the bank I’m working at.

Didn’t realise that this was of any concern to the bank I’m working at and I’m wondering how they would know what shares I’m purchasing if I didn’t declare them.

Any advise would be appreciated.

Regards,

I do 5-10 trades a week. How would they work that? Do they mean their stocks, or all stocks?


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[Rebel]

One of the problems of working with banks, both IB and retail.
Most of them are this way and I've contracted for 7.

They can be very strict, I know one guy walked off site for just posting some code, he had written, from his mail account home.

The reason there is a limited number of brokers used, apart from the obvious back scratching reasons, is that they can keep an eye on you easily.

My advice is simple, just follow the rules.

Yes agreed. I’ve been contracting for 10 years now (and I have several other businesses) and it’s only recently that I’ve wanted to invest in shares. Hence why I was asking the questions. You need to ask the questions to get clear on how to move forward.