Hi Guys (n gals) I wonder if any of you have the knowledge I'm after... I understand it may be company specific but...

I've been a contractor at a large Investment bank for a few years (3 1/2) but recently took a job offer somewhere else at a much better rate. My boss wanted me to stay but HR said they had a policy not to match rates if a contractor wants to leave. (even though, due to recent rate cuts, I was on less than market rate). My boss said it was very short sighted of the bank but she had no say in it.

So I left.... I've seen my old role advertised now at a higher rate (and my manager knew it would happen as they can only realistically offer a new candidate market rate). I'm not too worried about it but is there a general policy that you can't go back to your old firm for a period of six months...?

My old boss wants me to go back and as I'm not entirely happy about how the new job is turing out (the travelling is much worse than expected - Over 2 1/2 hours each way) I'm seriously considering it. Its only the question of can I return to the old firm within a short period of time.

Anyone know any rules around this..?

Thanks Ash
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2016 SDV8 AB

there aren't any rules. market forces apply unless you have a restraint of trade clause in your contract

^+1 …

unless there is a restriction in your contract with the investment back restricting you from coming back or seeking employment, there should not be something stopping you…. of course the bank could have it's own internal policy not to (re)employ people who have left for a set period…

contracts in any case can be changed, provisions waived, terms varied provided both parties to the contract consent and are in agreement on it (would probably get this in writing so as to avoid future issues).

basically, if bank and you agree to come back, and the relevant person in the bank authorised to make this decision gives the go-ahead and it's all in writing and properly done, nothing should in principal stop you going back...

note - above is not intended to be any legal advice as I cant give it, but it's general things i've learnt about contracts through experience... MY11 Vogue 4.4 TDV8 - "African Queen"

Sounds like you're in a similar line of work to me.
Do you work direct or via a limited company? Could be different rules again.

HR always seem to be the ones that have a policy or agenda to put hurdles in the way
I rejoined a firm after 6 months, don't remember there being an issue.
I agree that if the manager and maybe his boss support you , then you should be ok.

Where are you City or Canary? When you say journey is bad from Colchester, I assume the latter  Alcohol and eBay is never a good mix

2006 4.2 Supercharged, Java Black

Sorry this is true these days but most personel dept google for answers

Your decision to go back depends whether you're bothered about IR35, or indeed if you abide by it.

It's a contentious issue.

I know a few contractors who've worked for one company non-stop for 6 years. At the end of the day, the tax man can't stop you from working.

A 6 month 'break', in the case of IR35, is the norm.

Do you have an IR35 clause with your agent? Si. <This is my name.

I eat rat poison.

A man ain't truly been insulted until he stands buck naked in front of a woman and she didn't even notice. Or care.

Thanks all for the advice - I wonder if the bank are trying to be "squeaky clean" in the eyes of the revenue by not having contractors back until 6 months has passed.

E4 - I was in the wharf.... IT Project Manager for a small bank beginning with B () for 3 1/2 years but got a "better" offer with Fidelity in Kent (My old boss went there and wanted me to follow). I'm giving it a go but the travel time in driving from Colchester to Kent, over the Dartford bridge/Tunnel is the issue. Mornings are 1 1/4 hours so no issues as it's about what it took to get to the wharf anyway... coming home its around the 2 hour mark and it's just not what I want to do... Hence the question..

Before this role I was at a Pharma company on a constantly renewed basis for 12 1/2 years..! No issues with that one and IR35 (but a new boss came in and didn't like me)

Guess I'll just see how it goes (with the planned changes to the tolls in October) or see if B....ys can wangle with their HR to approve me going back..

The moral is - It's not always about the money..!! Ash
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2016 SDV8 AB

Oh and sorry - Ltd Co via a third party agent (so arms length contract with the end client) Ash
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2016 SDV8 AB