What is the FINRA rule that banks (Barclays) are scapegoating for complete return to office? Probably the only FINRA regulation that banks were 100% on board with. The return to office obsession from some seniors is bizarre.
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Wouldn’t be surprised if the banks lobbied FINRA for the rule change . Absolute bullshit. 5 days in office is asinine
This would not surprise me at all. Senior bankers have convinced themselves if juniors were in the office more there would be more fees, I have heard this verbatim.
I’m waiting for the day boomers will permanently fuck off. I’ve had enough of them. Won’t hold my breath because they’ll keep there seats till they literally drop dead
Any other banks enforcing this?
I think Truist used this as their excuse
Stifel is 5 days a week mandatory
Citi is enforcing 5 days starting June 3.
del
Are they actually? Where did u hear this
This isn’t true, read the recent finra post
Someone please tell me this isn’t actually going to be implemented industry wide…
Firms spent significant time and money with counsel to get a view. I’m sure the ‘view’ was massaged with incredible bias.
Result? They misinterpreted the rule.
As always, FINRA is focused on those that face retail clients. Us in banking? All institutional. But that’s besides the point.
There are exemptions to this RSL / branch location including primary residences where only immediate family live, emails / remote work is done through a firm supervised channel, etc.
Let’s take this further… we all work weekends right? You’re telling me that firms are OK ignoring this ruling over weekends, but enforcing during the week? What about late evening work that comes in while home? Are we not in compliance if we work away from the office at that time? Fuck clients I guess because FINRA has spoken and firms need to follow the law to the letter. Either in office 24/7 or admit this is a cheap ploy to get everyone into the office. Said to the layman, stop being such pussies and be honest. At least to yourself.
Other thoughts…
Good luck maintaining MDs that are likely looking to work from Sag Harbor on Fridays as the summer comes up. Great timing. Really solid awareness to enforce an abrupt shift in work.
Gross misinterpretation of the rules. FINRA didn’t provide accurate guidance and firms used this as an excuse to hound everyone back to the office. They’ll see attrition across all ranks and how do you even enforce this?
Another nail in the coffin of a dying industry completely out of touch with the spirit of the times. Any firm that enforces this and tells anyone internally or externally they’re modern / always growing / proud of the great culture is delusional at best and fraudulent at worst.
End rant. Fuck anyone that thinks this is a well executed development and good for the industry.
can someone explain the reasoning behind this?
I briefly looked at the email I got, but didn't see anything other than it's for "security reasons"
TLDR they need to be able to inspect your office if there are customer complaints. Obviously much more relevant for a wealth management\ guy than someone in IB.
Banks just need to register for a remote inspection program and they are all set, and instead they are using it to call people back 5 days a week.
There are not that many days ever
Finra dislikes this so much they issued a statement to correct "misinformation" about the rule
Our new Residential Supervisory Location (RSL) Rule and Remote Inspections Pilot Program Rule are intended to provide member firms greater flexibility — not less — to allow eligible registered persons to work from home, following the expiration of temporary COVID-19 relief from existing requirements. The new rules provide a practical and balanced way for firms to meet their regulatory obligations, while protecting investors, and acknowledging the need for greater workplace flexibility.
FINRA has seen recent statements from firms stating that new, stringent rules from FINRA will require them to bring their workforce back to the office full time. This is incorrect. FINRA notes that a location from which an associated person regularly conducts securities business on behalf of a member firm, including a home office, has always been subject to possible disclosure, registration and inspection under FINRA rules and applicable rules of other regulators. The COVID-19 pandemic prompted FINRA to provide member firms with temporary relief from many of these requirements.
Them providing this kind of response is very respectable
How about the FINRA letters? If anyone got an 8210 letter from them, this article explains what you need to do.
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