Bank Account - forced move

OP, I used to be an auditor. When I was doing it it was standard practice for those actually involved in the audit of the financial institution not to have accounts etc with them. Everyone else would have to declare that they had not obtained any accounts with terms not available to the general public (or words to that effect).

My OH still works for a firm that does audit, but not in audit himself. He told me that they tried to insist on the requirement you mention, and that an employee's wife challenged it, going as far as employment tribunal when they tried to dismiss the employee because of it, and that the employee won. I believe the wife actually worked for the bank involved, and had shares in it as a result of her employment, and the audit firm wanted her to sell them. HOWEVER I have only heard this on the grapevine, and it would be improper of me to name the firm involved.

Please get proper advice on this situation, do NOT let your partner lie about it and say you don't have any accounts!

RGC2019 wrote: »

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

I used to work at an investment bank (not in compliance though). At least for banks with a US presence, the rules about spouses' trading activities come from US securities law, which means that if you're a person subject to regulation, you are considered to be a beneficial owner of securities owned by your immediate household.

Do the rules around audit firms also have a legal/ regulatory basis, or are they purely a matter of the employment contract between the firm and employee?

If they are contractual, not legal/regulatory, then your position is a bit stronger: just because an employee signs up to a contract term doesn't mean that the courts can't find it unfair and unenforceable.

To take a ridiculous example - let's say the employer requires an employee to ensure that no one they went to primary school with has dealings with bank X. The employee can't do this(!) and is fired as a result. Clearly a tribunal will find this to be unfair dismissal - the contract term is unfair and therefore gives no grounds for dismissal.

Do requirements around an employee's spouse also class as unfair? Not sure if there is any case law around this. But if you want to fight this, a consultation with an employment lawyer might be a sensible step.

I am NOT a lawyer so please consider this as general uninformed commentary!

RGC2019 wrote: »

As far as I am concerned, beyond our joint account my finances aren’t really any of his business.

I agree, I don't see how they can even legally compel him to force you to disclose which banks you have accounts at.

If you refused to disclose to him and he tries to force you then then it could come dangerously close to an offense under https://www.cps.gov.uk/legal-guidance/controlling-or-coercive-behaviour-intimate-or-family-relationship