Bank Account - forced move

RGC2019

Ah I actually work in compliance for an investment firm. There is no exception process in place.

Additionally, there was no option to remain with the bank in the event you had a mortgage or significant loans with them either - thankfully we were not in this position as our mortgage is with a different provider but there are various people in that situation.

colsten

RGC2019 wrote: »

Ah I actually work in compliance for an investment firm.

Surprised you are surprised that banks want to cover their backsides, particularly when it comes to auditing.

RGC2019

There’s a difference between “covering their backsides” and asking an office of 3000 staff to change their bank accounts and mortgages.

Additionally this isn’t being put in place by the bank this is being put in place by the auditor. I have spoken to the bank who are happy for me to continue to have my account.

eskbanker

RGC2019 wrote: »

I was really just questioning how my finances can be considered something he has any control over. They have actually sent information to family members i.e me to let me know that I have to move my account - so it is them asking me directly.

In which case the very fact that they're contacting you independently means that they don't expect him to have control over your finances as such, so that's why he can't simply make a declaration on your behalf - presumably this effectively gives you the option of advising them of accounts that he might not even know about (if applicable of course) and I'd expect them to have to keep such data confidential from him.

The point remains though that he will presumably have advised them of your relationship and contact details, so they're contacting you at his request, and if you don't play ball then it'll be him that pays the price rather than you, so he's still very much the one in the middle of all this....

RGC2019

No they just sent generic information to the people listed as partners and financial connections ((he has only provided this via emergency contact details and a declaration of our joint mortgage with another provider).

There’s no contact that will speak to me directly and the declaration is a single one submitted by the employee to state that no one in the household holds a bank account with them any longer.

But as you say yes it does put him in the middle. I suppose I will have to consider other options.

RG2015

RGC2019 wrote: »

There’s a difference between “covering their backsides” and asking an office of 3000 staff to change their bank accounts and mortgages.

Additionally this isn’t being put in place by the bank this is being put in place by the auditor. I have spoken to the bank who are happy for me to continue to have my account.

It is quite different that it is the auditing firm and not the bank making the request/instruction.

I guess that they can make their own rules but it does appear to be a bit dramatic especially if it extends to 3000 staff and their families.

What if someone had a 0% credit card deal with several months left or even a mortgage?

I have a long history in finance but I was always the client and not the auditor and I have never heard of anything like this. However, I can understand why senior audit staff or partners would consider it prudent to remove any connections that may appear to produce a conflict of interest.

On that point of conflict of interest auditing is very a proscribed and controlled process and should not be subject to interpretation or opinion that may be compromised.

RGC2019

Yes this is my point exactly - the bank has expressed there is no issue concerning the account.

They have advised others that there are no remunerations or steps to help those who do have significant debts with the bank to assist in moving.

I was aware there are audit independence requirements but I have never heard of such a wide sweep for the staff captured. And my partner is not a partner at the firm or even what would be considered senior staff.

Sea_Shell

Is this literally every employee? Even the receptionist?

Is it ANY financial product?

Like you say, that's unworkable if you've just remortgaged etc.

If everyone refuses to sign or comply are they going to discipline (sack) everyone??

I'd wait it out and see what everyone else does first...is there a deadline?

Sea_Shell

Is it one of the BIG banks, or a minnow?

Just thinking about what % of staff would be affected?

RG2015

Sea_Shell wrote: »

Is it one of the BIG banks, or a minnow?

Just thinking about what % of staff would be affected?

The OP said it was a large banking client in the first post.