Post by tungsten on Nov 4, 2017 13:38:39 GMT
A few weeks ago I had a request to provide documents to FC, along these lines:
The message suggested sending them docs showing income or savings from salary / sale of investments / sale of property or company / inheritance / divorce settlement.
So I provided them documents showing sale of investments and said I had also inherited a lump sum this year.
They replied to say the investment sale didn't cover the majority of the investment (I think it was about half my FC deposit) so could I provide details showing the inheritance.
I sent this, showing them bank statements which covered the lump sum sent by the solicitor, and the remainder of the FC deposit from savings.
They are now asking for further evidence about the other money they can see in my bank account that is unconnected to FC.
This doesn't seem to tally with their remit to check source of wealth used to lend through FC? Am I meant to turn out every single account/investment until they stop asking? I have nothing to hide, but at the same point I don't feel obliged to give sensitive information on money that is nothing to do with my FC investment up to them. If a higher power wants it, of course they are welcome.
As an aside, supposing I had shown them an inheritance covering all the money into FC - how is that meant to demonstrate the funds came from a clean source? I understand these regulations, and am very much against organised crime and money laundering. But criminals pass their wealth on to their kids. Would they then have to check out the deceased person's estate? What if that was all inherited wealth from the grandparents?
To make sure we're compliant with these new regulations and the Financial Conduct Authority (FCA), we need you to provide some information about you and the wealth you have used to lend through Funding Circle.
The message suggested sending them docs showing income or savings from salary / sale of investments / sale of property or company / inheritance / divorce settlement.
So I provided them documents showing sale of investments and said I had also inherited a lump sum this year.
They replied to say the investment sale didn't cover the majority of the investment (I think it was about half my FC deposit) so could I provide details showing the inheritance.
I sent this, showing them bank statements which covered the lump sum sent by the solicitor, and the remainder of the FC deposit from savings.
They are now asking for further evidence about the other money they can see in my bank account that is unconnected to FC.
This doesn't seem to tally with their remit to check source of wealth used to lend through FC? Am I meant to turn out every single account/investment until they stop asking? I have nothing to hide, but at the same point I don't feel obliged to give sensitive information on money that is nothing to do with my FC investment up to them. If a higher power wants it, of course they are welcome.
As an aside, supposing I had shown them an inheritance covering all the money into FC - how is that meant to demonstrate the funds came from a clean source? I understand these regulations, and am very much against organised crime and money laundering. But criminals pass their wealth on to their kids. Would they then have to check out the deceased person's estate? What if that was all inherited wealth from the grandparents?
