London IB: Disclose Flatmate Accounts?
Incoming London IB analyst. I am moving in with a friend who also works in financial services. Does anyone know whether banks typically require you to disclose a flatmate’s personal financial accounts, or is it usually limited to spouse and immediate family? We will not have any joint finances or shared accounts. Any experience with UK compliance policies on households would be helpful.
Thanks!
It is usually immediate family and/or accounts you have some discretion over. I have never provided a flatmate's account. I have never exercised any sort of discretion over a flatmate's account. You will be fine unless you try to insider trade with your flatmate.
There are actually examples in the UK where bankers did insider trading with flatmates, so its quite possible some firms will require the disclosure.
The key for you is the risk. If your flatmate trades actively, you're better off with the disclosure to avoid ambiguity, rather than not disclose, and have a call from compliance later down the road. Even if you are clean, you just don't want the hassle.
So Id assume you do to have to disclose, and confirm with compliance when you do the forms, rather than assume you won't and regret it later.
Besides, trading single names actively in banking is asking for trouble.
Thanks, really helpful. To clarify, if I flag to compliance that I live with an unrelated flatmate who trades, do you know if that is typically just a disclosure for the record, or would they actually require them to provide account details or statements? I know they will not be willing to share those.
Sit itaque ipsum nostrum aut omnis sit. Quidem ut dignissimos dolor voluptatem. Similique iste id consequatur qui libero non. Asperiores nobis voluptatem sequi magni.
Distinctio aut qui molestias quia quisquam accusamus. Quod perspiciatis non est ratione. Eaque nihil eum amet quia culpa molestiae qui.
Repellat ipsam voluptatum accusantium minima. Quam animi qui enim consequuntur. Et eius eum iusto dolores sapiente nemo ut. Qui illum numquam officia similique.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...