FSA personal account restrictions

[darrenf]

I am about to start a new job with an FSA registered fund management group in a non trading/ inestment management capacity.

However, they seem to have extremely tight rules relating to personal account dealing. ie strictly no trading in spreadbetting, CFD's etc, no short trades allowed, any stock/ futures trading to have specific compliance sign off etc etc. Basically, they don't want to have employees trading personal accounts full stop from what I can tell!

Having traded a personal account for the last couple of years, I find this very prohibitive. I am guessing there are members on here who must work in similar environments. Any legitimate way around this at all? mentioning no names of course.

 

[A Dashing Blade]

Any legitimate way around this at all? mentioning no names of course.

In a word . . . no.
Or rather, in four words, "I'd be very surprised".

But, bottom line, set up an account in (say) the wife's name, do all the trading out of the office, never ever mention it to anyone at work and you wouldn't get caught.
But, get caught once and you can kiss your City career goodbye.

 

[apples10]

In a word . . . no.
Or rather, in four words, "I'd be very surprised".

But, bottom line, set up an account in (say) the wife's name, do all the trading out of the office, never ever mention it to anyone at work and you wouldn't get caught.
But, get caught once and you can kiss your City career goodbye.

Totally agree.

If this employer puts on these restrictions, then don't try and work around them, its not worth it.

If you don't agree with them, then don't sign and find an employer with less restrictions.

Where I work we have a 24-hour hold rule on stocks, but must get everything approved through compliance first. We can deal cfd/spread e.t.c. but many of the web-sites don't work over the firewall, so they stop us that way.

My last employer moved from no restrictions to a 6-month hold rule for shares - just got used to not trading, but I mentioned it at every bonus discussion afterwards

 

[coolTrader]

I am about to start a new job with an FSA registered fund management group in a non trading/ inestment management capacity.

However, they seem to have extremely tight rules relating to personal account dealing. ie strictly no trading in spreadbetting, CFD's etc, no short trades allowed, any stock/ futures trading to have specific compliance sign off etc etc. Basically, they don't want to have employees trading personal accounts full stop from what I can tell!

Having traded a personal account for the last couple of years, I find this very prohibitive. I am guessing there are members on here who must work in similar environments. Any legitimate way around this at all? mentioning no names of course.

No way around you must declare all accounts even for family members. Don't do it.

 

[darrenf]

Thanks for the replies.

I'm taking the job, so looks like I will have to take a much longer term outlook on any trading that I do in future.