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    • RGC2019
    • By RGC2019 16th Sep 19, 2:30 PM
    • 10Posts
    • 1Thanks
    Bank Account - forced move
    • #1
    • 16th Sep 19, 2:30 PM
    Bank Account - forced move 16th Sep 19 at 2:30 PM

    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!
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    • RG2015
    • By RG2015 16th Sep 19, 4:55 PM
    • 1,721 Posts
    • 1,094 Thanks
    Is it one of the BIG banks, or a minnow?

    Just thinking about what % of staff would be affected?
    Originally posted by Sea Shell
    The OP said it was a large banking client in the first post.
    • ceh209
    • By ceh209 16th Sep 19, 5:09 PM
    • 797 Posts
    • 523 Thanks
    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!
    Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
    • RGC2019
    • By RGC2019 16th Sep 19, 5:14 PM
    • 10 Posts
    • 1 Thanks
    Yes itís a BIG bank which is why Iím surprised that theyíre asking so many people to change.
    It captures all non administrative and facilities staff.

    @ceh209 - yeah we donít intend to lie but just wanted to know where I stand. There is a deadline of October 1st which we had been waiting on to see who else objected. Itís my understanding that they have had a lot of objections but have chosen to enforce this as a hard line. As you say I have previously had to declare things where my partner was actually taking part in the audit but never to this extent and never for an audit he hasnít got any part in.
    • londoninvestor
    • By londoninvestor 16th Sep 19, 6:05 PM
    • 1,335 Posts
    • 1,175 Thanks
    Ah I actually work in compliance for an investment firm. There is no exception process in place.
    Originally posted by RGC2019
    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!
    • Sea Shell
    • By Sea Shell 19th Sep 19, 3:18 PM
    • 2,643 Posts
    • 4,777 Thanks
    Sea Shell
    Have there been any further developments this week?
    " 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"!!!
    • phillw
    • By phillw 21st Sep 19, 9:41 AM
    • 2,974 Posts
    • 2,448 Thanks
    As far as I am concerned, beyond our joint account my finances arenít really any of his business.
    Originally posted by RGC2019
    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
    • Ergates
    • By Ergates 22nd Sep 19, 1:28 PM
    • 615 Posts
    • 821 Thanks
    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:
    Originally posted by RGC2019
    Aren't connected in any way? You'll be married to him! How is that not connected to him? Your partners and your finances are, like it or not, linked. Rules about not having financial dealings with clients (which are in place for very good reasons) will apply to his family - I would have thought the reasons for this were pretty obvious.
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