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    • RGC2019
    • By RGC2019 16th Sep 19, 2:30 PM
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    RGC2019
    Bank Account - forced move
    • #1
    • 16th Sep 19, 2:30 PM
    Bank Account - forced move 16th Sep 19 at 2:30 PM
    Hi

    I have a fairly niche question which Iím hoping someone on the forum knows an answer to. Apologies if it has been answered somewhere else!

    My partner and I have been together 8 years and lived together for around 3 years - we are getting married in the next few months.

    My partner is an auditor for a firm who has taken on a large banking client. They have informed my partner that both he and I are no longer allowed to have any bank accounts or credit cards with this bank or their associated companies.

    My partner does not do financial audit, he has no interaction with any financial audit staff and is not in a position to influence this audit in anyway. I have absolutely no connection to the company or the audit on any way other than my partner being employed by them.

    I have 2 credit cards a current account and a savings account with this bank. I do not want to change bank (i have preciously banked elsewhere and was disappointed.)

    My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances arenít really any of his business. Iíve spent a long time improving my credit rating and working to get myself into a position of financial independence.

    Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!
Page 1
    • DCFC79
    • By DCFC79 16th Sep 19, 2:37 PM
    • 35,054 Posts
    • 22,157 Thanks
    DCFC79
    • #2
    • 16th Sep 19, 2:37 PM
    • #2
    • 16th Sep 19, 2:37 PM
    Hi

    I have a fairly niche question which I’m hoping someone on the forum knows an answer to. Apologies if it has been answered somewhere else!

    My partner and I have been together 8 years and lived together for around 3 years - we are getting married in the next few months.

    My partner is an auditor for a firm who has taken on a large banking client. They have informed my partner that both he and I are no longer allowed to have any bank accounts or credit cards with this bank or their associated companies.

    My partner does not do financial audit, he has no interaction with any financial audit staff and is not in a position to influence this audit in anyway. I have absolutely no connection to the company or the audit on any way other than my partner being employed by them.

    I have 2 credit cards a current account and a savings account with this bank. I do not want to change bank (i have preciously banked elsewhere and was disappointed.)

    My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

    Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!
    Originally posted by RGC2019

    Oh boy, you do realise the time you have spent improving your credit rating is just wasted since no 1 and I repeat no 1 can see your rating/score except you (unless you know otherwise, lenders see your history).


    Back to the main issue, leave your accounts where they are and see what happens.
    Whats the opinion of your partner on being asked to move accounts ?


    So your husband works for Firm A who have taken on a large banking client, haveany other staff been asked the same as you and your partner ?
    Last edited by DCFC79; 16-09-2019 at 2:41 PM.
    • RGC2019
    • By RGC2019 16th Sep 19, 2:39 PM
    • 10 Posts
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    RGC2019
    • #3
    • 16th Sep 19, 2:39 PM
    • #3
    • 16th Sep 19, 2:39 PM
    Well terminology aside I was more referring to getting myself in a position of no major debt and getting the rates and limits on my credit cards that I wanted.

    Iím not really willing to just close all of those down for no reason.
    • Carrot007
    • By Carrot007 16th Sep 19, 2:41 PM
    • 2,667 Posts
    • 2,302 Thanks
    Carrot007
    • #4
    • 16th Sep 19, 2:41 PM
    • #4
    • 16th Sep 19, 2:41 PM
    My partner will be becoming my husband not my keeper so I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances aren’t really any of his business. I’ve spent a long time improving my credit rating and working to get myself into a position of financial independence.

    Does anyone know if I have a leg to stand on here? I understand auditor independence is an issue but I have absolutely no influence on any part of it here!
    Originally posted by RGC2019

    Well the other option open are, you find a new partner, or your partner finds a new job.


    Or just move. Your choice.


    A one time change will not effect your credit worthiness. And if all your banking is with one company more fool you.


    Additional:


    Well terminology aside I was more referring to getting myself in a position of no major debt and getting the rates and limits on my credit cards that I wanted.

    I’m not really willing to just close all of those down for no reason.
    Originally posted by RGC2019

    So you are getting good deals now, all the more reason to move.
    • eskbanker
    • By eskbanker 16th Sep 19, 2:42 PM
    • 11,348 Posts
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    eskbanker
    • #5
    • 16th Sep 19, 2:42 PM
    • #5
    • 16th Sep 19, 2:42 PM
    I refuse to move my accounts on the basis that his employer told me to. As far as I am concerned, beyond our joint account my finances arenít really any of his business. Iíve spent a long time improving my credit rating and working to get myself into a position of financial independence.
    Originally posted by RGC2019
    His employer isn't telling you to do anything!

    His employer are telling him that it's unacceptable to them for either him or his partner to have any dealings with a major client. He could lie (not recommended), or advise them that you're not willing to comply, but I doubt there'll be much discretion available so it could end up with him needing to find a new employer....
    • RGC2019
    • By RGC2019 16th Sep 19, 2:43 PM
    • 10 Posts
    • 1 Thanks
    RGC2019
    • #6
    • 16th Sep 19, 2:43 PM
    • #6
    • 16th Sep 19, 2:43 PM
    All my banking isnít with one company - these particular accounts were opened due to the good rates. I had had one account with them previously.

    Obviously find a new partner isnít a very helpful response here.

    I was just looking for some advice on whether this is a legitimate request from his employer but thanks for getting back to me anyway.
    • DCFC79
    • By DCFC79 16th Sep 19, 2:46 PM
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    DCFC79
    • #7
    • 16th Sep 19, 2:46 PM
    • #7
    • 16th Sep 19, 2:46 PM
    All my banking isnít with one company - these particular accounts were opened due to the good rates. I had had one account with them previously.

    Obviously find a new partner isnít a very helpful response here.

    I was just looking for some advice on whether this is a legitimate request from his employer but thanks for getting back to me anyway.
    Originally posted by RGC2019

    If he wants to keep his job you just might need to comply with the request.
    • RGC2019
    • By RGC2019 16th Sep 19, 2:54 PM
    • 10 Posts
    • 1 Thanks
    RGC2019
    • #8
    • 16th Sep 19, 2:54 PM
    • #8
    • 16th Sep 19, 2:54 PM
    Okay.

    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.

    Thanks for your help. I guess I will just contact them again and consider possibly moving.
    • DCFC79
    • By DCFC79 16th Sep 19, 3:00 PM
    • 35,054 Posts
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    DCFC79
    • #9
    • 16th Sep 19, 3:00 PM
    • #9
    • 16th Sep 19, 3:00 PM
    Okay.

    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.

    Thanks for your help. I guess I will just contact them again and consider possibly moving.
    Originally posted by RGC2019

    It could be a normal request in the auditing job market, possibly a little ott but maybe they want to remove any conflict of interest.
    • RGC2019
    • By RGC2019 16th Sep 19, 3:08 PM
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    RGC2019
    It would be normal for those associated with the audit or who were in a position to influence it in some way but it is unusual for it to apply to people who arenít connected in anyway.

    Oh well back to the drawing board to see what the best options are.

    Thanks for all your help:
    • warby68
    • By warby68 16th Sep 19, 3:17 PM
    • 1,362 Posts
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    warby68
    There may be an internal process at his firm for partners who do not wish to disclose or be treated in conjunction with their partner.

    I had a similar issue related to husband's investments. Because of my role (risk of insider trading) he was expected to run any of his personal dealing transactions through my employer. He did not wish to as he does not run them through me in the first place. We had to jump through various admin hoops to have this position noted but it was accepted.

    All that said, had my employer insisted we would have complied, knowing which side my bread is buttered and all that. The exception procedure was however there when I enquired so we used it.
    • RGC2019
    • By RGC2019 16th Sep 19, 3:48 PM
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    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
    • By colsten 16th Sep 19, 3:59 PM
    • 11,018 Posts
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    colsten
    Ah I actually work in compliance for an investment firm.
    Originally posted by RGC2019
    Surprised you are surprised that banks want to cover their backsides, particularly when it comes to auditing.
    • RGC2019
    • By RGC2019 16th Sep 19, 4:01 PM
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    RGC2019
    Thereís a difference between ďcovering their backsidesĒ and asking an office of 3000 staff to change their bank accounts and mortgages.

    Additionally this isnít 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
    • By eskbanker 16th Sep 19, 4:17 PM
    • 11,348 Posts
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    eskbanker
    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.
    Originally posted by RGC2019
    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
    • By RGC2019 16th Sep 19, 4:23 PM
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    • 1 Thanks
    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).

    Thereís 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
    • By RG2015 16th Sep 19, 4:25 PM
    • 1,711 Posts
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    RG2015
    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.
    Originally posted by RGC2019
    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
    • By RGC2019 16th Sep 19, 4:28 PM
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    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
    • By Sea Shell 16th Sep 19, 4:40 PM
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    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?
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • Sea Shell
    • By Sea Shell 16th Sep 19, 4:43 PM
    • 2,588 Posts
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    Sea Shell
    Is it one of the BIG banks, or a minnow?

    Just thinking about what % of staff would be affected?
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
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