Thread regarding Bank of New York Mellon Corp. layoffs

Removing BNY from receiving feeds from your brokerage accounts

So I called Fidelity and told them to remove BNY from Institutions receiving your account information. The list of accounts is right there in the Fidelity Security settings... And then I was told by Fidelity that I need to call BNY Compliance and ask them to contact Fidelity to take out so called "Designated brokerage relationship".

Do you guys know whom to contact at BNY? Done it before? This sounds totally backwards to me. Absolutely appalling that you give BNY access to your account info/transactions but cannot remove that access. Also wonder what damage BNY can do given so called "Designated brokerage relationship"...? Wonder if same cr*p happening with say Schwab etc..?

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Post ID: @OP+1jxxeakcz

5 replies (most recent on top)

I am currently dealing with the compliance team on a brokerage account issue. The compliance monitoring mailbox is: PSTComplianceMonitoring@bny.com. You can try emailing them and hopefully they can send you to the correct person.

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Post ID: @hp+1jxxeakcz

If you’re no longer employed with BNY, you can notify Fidelity to remove your status as employed with a broker.

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Post ID: @dp+1jxxeakcz

I think that you misunderstood the question. The person is likely no longer with BNY but still has BNY receiving account information..

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Post ID: @df+1jxxeakcz

It's not only a requirement of BNY. It's a regulatory requirement and all the major financial institutions must comply. Even my FA, who works for a smaller institution must adhere to it.

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Post ID: @cy+1jxxeakcz

I believe it’s a regulatory compliance requirement if you work for a financial institution, to prevent insider trading.

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Post ID: @ch+1jxxeakcz

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