Bank employee approved broker list

2

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  • eskbanker
    eskbanker Posts: 30,995 Forumite
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    edited 9 September 2017 at 7:40PM
    Flobberchops wrote: »
    As a bank employee I too am (theoretically) restricted from certain investment activity. How could your employer possibly know, though? I say, just make sure you use a second current account to set up the DDs and so on, and proceed to do what the hell you want.
    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)!
  • charoniv
    charoniv Posts: 90 Forumite
    hl is definitely excluded - that's been checked.
    None of the cheaper platforms are allowed.

    I suspect it might only be those that are willing to disclose position information.
  • Audaxer
    Audaxer Posts: 3,508 Forumite
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    charoniv wrote: »
    Director/sole employee. I'm not going to use a government term.

    Can't say what I do but it is correct that the bank should be concerned how I use the information to which I have access - but compliance is decided by the department I happen to be working in not the role.
    Thanks, I hope your contract is worth the hassle if you have investments with ii, iweb, hl, bestinvest that all have to be transferred within 10 days.
  • george4064
    george4064 Posts: 2,811 Forumite
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    charoniv wrote: »
    hl is definitely excluded - that's been checked.
    None of the cheaper platforms are allowed.

    I suspect it might only be those that are willing to disclose position information.

    If I were you, I would ask work what the requirements are. Then ask HL if they can meet those requirements.

    I'd be very surprised if HL could/would not meet those requirements.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

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  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    HL not being on the list is a big surprise given that HL are the biggest retail broker/platform in the UK!!!

    I seem to recall HL as being 4th biggest. I would expect it to be eliminated as it allows brokerage deals.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • charoniv
    charoniv Posts: 90 Forumite
    dunstonh wrote: »
    The problem with it not being UK specific is you get inconsistency. For example index linked funds is not type in the UK. You either have ETFs or UT/OEICs or pension funds or life funds. I would expect ETFs to be out but would not expect UT/OEIC, Life or pension funds to be out.

    Basically, if the investment needs a broker then you usually find those excluded. Whereas if it doesn't need a broker but is packaged then its fine.

    I think you should seek clarification. Maybe their definition of broker doesnt help as your IFA is not a broker for example and the vast majority of what an IFA puts in place is not brokerage either.

    I suspect your comment about retail packaged via an IFA might be correct which would allow my L&G sipp funds?

    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.

    Can't have an account with an unapproved broker that is capable of holding an unapproved instrument - so anything that allows share dealing is out.
  • charoniv
    charoniv Posts: 90 Forumite
    Audaxer wrote: »
    Thanks, I hope your contract is worth the hassle if you have investments with ii, iweb, hl, bestinvest that all have to be transferred within 10 days.

    I got that wrong - it's 60 days.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    I would double check, both the investment managers would let me have my own account wherever I wanted but they would report holdings and transactions back to the company.

    Both HL and CSD had automated setup so that anything I did would automatically go back to inform my company.

    If you are in front office (trading, fund manager etc.) then I could understand even more restrictions, but this doesn't sound right to me.
  • george4064
    george4064 Posts: 2,811 Forumite
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    Direct holding with Vanguard is worth investigating.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    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.
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