'It's an insult' - Paddy Brennan blasts new financial rules for syndicate members

Paddy Brennan labelled rule changes requiring syndicate members to disclose their source of income and personal information when opening a Weatherbys account as an "insult" to prospective owners.

The former jockey, who runs his own syndicate, joined the chair of the Racehorse Syndicates Association (RSA) in criticising a recent change in Weatherbys Racing Bank's policy that mandates a full onboarding process for any new account opened for a syndicate with ten or fewer members, or for anyone who holds a share of ten per cent or more in a syndicate of 11 shareholders or larger.

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. However, Brennan believes the requirement for syndicate members to complete a source of funds form with documentation such as a P60 or a pension statement is another potential barrier to ownership.