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    • charoniv
    • By charoniv 9th Sep 17, 2:37 PM
    • 78Posts
    • 21Thanks
    charoniv
    Bank employee approved broker list
    • #1
    • 9th Sep 17, 2:37 PM
    Bank employee approved broker list 9th Sep 17 at 2:37 PM
    I've just taken a contract with a bank (well my company has) and it means I am covered by their employee investment restrictions (partly insider trading, partly gambling control it seems).

    It means that I am only allowed to hold accounts with brokers on their approved list - of about 6 brokers. This applies to funds as well as shares.
    Of my brokers only Fidelity is on the list, ii, iweb, hl, bestinvest.... are not.

    Also restricted as too the brokers that my IFA is allowed to use so my pension that he deals with will have to move (unless I am willing to make it a managed service of which I receive no prior information - not going to do that). Will mean that I drop my IFA for the duration of the contract and move the pension funds.

    I've talked to other people there and they had to move their investments. We are given 10 days to do it but I suspect that's not possible and won't be policed.

    Has anyone come across this before and what have they done. It probably means that you should be careful about brokers if you might ever work for a bank.
Page 2
    • jonesMUFCforever
    • By jonesMUFCforever 9th Sep 17, 8:41 PM
    • 23,993 Posts
    • 11,299 Thanks
    jonesMUFCforever
    My OH says that she can use anybody to invest with but must provide copies of contract notes of any trades to her line manager.
    What goes around - comes around
    give lots and you will always receive lots
    • dunstonh
    • By dunstonh 9th Sep 17, 9:16 PM
    • 89,515 Posts
    • 54,966 Thanks
    dunstonh
    ETFs do get a mention but are they that different from OEICs now - given that holding for less than a couple of months needs prior approval so intra-day movements don't matter.
    ETS are not a packaged retail investment. OEICs are. ETFs require a broker. OEICs do not.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Flobberchops
    • By Flobberchops 10th Sep 17, 12:52 PM
    • 553 Posts
    • 378 Thanks
    Flobberchops
    Reassuring to see that standards of probity and ethics are as strong as ever in the banking industry - see a rule that you don't like, decide that it doesn't apply to you and basically ignore it (albeit doing so via a clumsily rudimentary method that'll make the wilful deception transparently obvious if/when any scrutiny happens)!
    Originally posted by eskbanker
    To be clear, I'm not suggesting the OP use insider knowledge or do anything else imminently underhanded, immoral or illegal. I'm suggesting however they may like to thumb their nose at what appear to be overly intrusive and possibly unenforceable company guidance on what their employees can do in their own time with their own money.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • charoniv
    • By charoniv 10th Sep 17, 12:57 PM
    • 78 Posts
    • 21 Thanks
    charoniv
    Except that I have to sign a compliance document so I would be dishonest - whatever I thought of the situation.
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