Syndicate managers frustrated by requirement to disclose source of income and personal data about new members

A row has broken out between a number of syndicate managers and Weatherbys Racing Bank due to rule changes that require syndicate members to disclose their source of income and personal information when opening a new account.

Weatherbys said the stricter requirements on knowing who was involved in each syndicate and how they were funding their spending on horses was necessary due to banking regulations, but the chair of the Racehorse Syndicates Association (RSA) expressed frustration at how the changes have been communicated and at the introduction of another potential barrier to ownership.

A syndicate bank account is a requirement under the BHA’s syndicate code of conduct. In July 2021, Weatherbys introduced Multi Owner Accounts that enabled syndicate managers to open accounts on behalf of their owners and act as signatories.