johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Oct 2, 2020 16:18:54 GMT
Has anyone else received a Source of Fund Declaration Form from RS to fill out? Seems a little invasive if you ask me and a lot of effort on my part to explain where all my funds have come from!
At RateSetter, we are committed to preventing financial crime at every opportunity and one way we do that is by reviewing the money trail. This means we conduct periodic account reviews to adhere to our regulatory obligations.
This requires establishing source of funds (SOF’s), this allows us to ensure money comes from legitimate sources and enables us to mitigate potential illegal activity. With the relevant information, we will be able to verify transactions, to protect our customers and their funds.
Until we receive the requested information, we kindly ask that you hold off on making any further deposits into your account. Further, any pending withdrawals will be put on hold.
Attached is a SOF document, please fill this out at your earliest convenience and return it to us.
To assist you, we have put together some examples below:
This may include one or more of the following, please provide a reasonable level of accompanying detail:
• Inheritance
• Employment at X company
• If the funds are from savings, please explain how the savings were initially generated
• Property Sale
• Company Sale/Dividend
• Divorce settlement
• Lottery/Gambling win
• Other, if other please specify
In some circumstances, we may require supporting documentation from you, and we will let you know if this is required.
We want to ensure transactions can flow as quickly as possible and appreciate this may cause a delay for you, so we encourage you to send us the required information as soon as possible. If you are unsure on what to send – please get in touch and we will be able to advise.
Please note that the information you provide is treated confidentially. We would appreciate your cooperation in this regard and look forward to hearing from you shortly.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Oct 2, 2020 17:17:25 GMT
Has anyone else received a Source of Fund Declaration Form from RS to fill out? Seems a little invasive if you ask me and a lot of effort on my part to explain where all my funds have come from! At RateSetter, we are committed to preventing financial crime at every opportunity and one way we do that is by reviewing the money trail. This means we conduct periodic account reviews to adhere to our regulatory obligations.
This requires establishing source of funds (SOF’s), this allows us to ensure money comes from legitimate sources and enables us to mitigate potential illegal activity. With the relevant information, we will be able to verify transactions, to protect our customers and their funds.
Until we receive the requested information, we kindly ask that you hold off on making any further deposits into your account. Further, any pending withdrawals will be put on hold.
Attached is a SOF document, please fill this out at your earliest convenience and return it to us.
To assist you, we have put together some examples below:
This may include one or more of the following, please provide a reasonable level of accompanying detail:
• Inheritance
• Employment at X company
• If the funds are from savings, please explain how the savings were initially generated
• Property Sale
• Company Sale/Dividend
• Divorce settlement
• Lottery/Gambling win
• Other, if other please specify
In some circumstances, we may require supporting documentation from you, and we will let you know if this is required.
We want to ensure transactions can flow as quickly as possible and appreciate this may cause a delay for you, so we encourage you to send us the required information as soon as possible. If you are unsure on what to send – please get in touch and we will be able to advise.
Please note that the information you provide is treated confidentially. We would appreciate your cooperation in this regard and look forward to hearing from you shortly.yes i have, it's the law.To prove your funds are not illegally generated. pretty standard in the financial sector. like buying a house. proof of funds via 3 months bank statements
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Post by scepticalinvestor on Oct 2, 2020 17:42:33 GMT
Has anyone else received a Source of Fund Declaration Form from RS to fill out? Seems a little invasive if you ask me and a lot of effort on my part to explain where all my funds have come from! At RateSetter, we are committed to preventing financial crime at every opportunity and one way we do that is by reviewing the money trail. This means we conduct periodic account reviews to adhere to our regulatory obligations.
This requires establishing source of funds (SOF’s), this allows us to ensure money comes from legitimate sources and enables us to mitigate potential illegal activity. With the relevant information, we will be able to verify transactions, to protect our customers and their funds.
Until we receive the requested information, we kindly ask that you hold off on making any further deposits into your account. Further, any pending withdrawals will be put on hold.
Attached is a SOF document, please fill this out at your earliest convenience and return it to us.
To assist you, we have put together some examples below:
This may include one or more of the following, please provide a reasonable level of accompanying detail:
• Inheritance
• Employment at X company
• If the funds are from savings, please explain how the savings were initially generated
• Property Sale
• Company Sale/Dividend
• Divorce settlement
• Lottery/Gambling win
• Other, if other please specify
In some circumstances, we may require supporting documentation from you, and we will let you know if this is required.
We want to ensure transactions can flow as quickly as possible and appreciate this may cause a delay for you, so we encourage you to send us the required information as soon as possible. If you are unsure on what to send – please get in touch and we will be able to advise.
Please note that the information you provide is treated confidentially. We would appreciate your cooperation in this regard and look forward to hearing from you shortly.Weird. I got it too. Considering I haven't deposited any funds in more than a year or withdrawn (couldn't even if I wanted to!) any funds for more than 7 months now, seems a bit unnecessary. Never had a similar request from other investment outfits so long after a deposit or after having being an active customer for many years. Is it that they didn't do the necessary due-dil at the outset and are now making amends? Or maybe just an IT glitch?
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rrrupert
Member of DD Central
Posts: 121 
Likes: 99
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Post by rrrupert on Oct 2, 2020 17:45:19 GMT
.................................... Weird. I got it too. Considering I haven't deposited any funds in more than a year or withdrawn (couldn't even if I wanted to!) any funds for more than 7 months now, seems a bit unnecessary. Never had a similar request from other investment outfits so long after a deposit or after having being an active customer for many years. Is it that they didn't do the necessary due-dil at the outset and are now making amends? I think it is due to Metro Bank taking them over. Probably they checked the files and decided not enough "source of funds" legwork had been done by the previous management.
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ceejay
Posts: 971
Likes: 1,149
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Post by ceejay on Oct 2, 2020 18:44:48 GMT
I haven't had one from RS yet, but I never know how to answer this sort of question. Over my lifetime I've had income from employment, pension, inheritance, my wife's employment, and return from investments. Plus a few gifts and doubtless something else as well.
So if I'm sticking, say, £10k into RS, how am I supposed to know where this particular £10k came from, given that it has been going round in a financial mixer for years?
The "withdrawals may be put on hold" is quite scary.
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Post by overthehill on Oct 2, 2020 19:19:55 GMT
If you want help or advice ask HSBC or Deutsche Bank, they are experts in this area... although 10k is a spit in the ocean for them. Think of a better example of double standards and scratching the surface?
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Greenwood2
Member of DD Central
Posts: 4,241
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Post by Greenwood2 on Oct 2, 2020 19:37:50 GMT
If the initial funds came from a standard UK bank account what is the problem? I haven't had anything yet, and I hope I wont!
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dead-money
Rocket to the Moon
Posts: 736
Likes: 645
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Post by dead-money on Oct 2, 2020 21:53:26 GMT
I haven't had one from RS yet, but I never know how to answer this sort of question. Over my lifetime I've had income from employment, pension, inheritance, my wife's employment, and return from investments. Plus a few gifts and doubtless something else as well. So if I'm sticking, say, £10k into RS, how am I supposed to know where this particular £10k came from, given that it has been going round in a financial mixer for years? The "withdrawals may be put on hold" is quite scary. Similar experience to online casinos then... No issues with deposits, but when you come to withdrawal, account frozen and weeks of delay for KYC / AML checks. I guess it's OK to lose money of unknown provenance but not to profit from it !
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slippery
Member of DD Central
Posts: 83
Likes: 61
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Post by slippery on Oct 2, 2020 23:16:24 GMT
I seem to have been answering this "Source" question for years when opening deposits with local banks - although without the helpful suggestions. "Savings from previous employment with ..." has always been accepted & I've never had to prove it. It is just a tick box exercise required by compliance officers that would surely never really lead to useful info being passed to regulators.
Have very little left with RS now so don't expect I'll be issued with a form.
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Oct 3, 2020 6:29:22 GMT
I'm in agreement with most of the comments.
I've been a ratesetter customer for 5 years and find it odd they're asking me this information now! If they ask me for the the 3 most recent bank statements, that will be completely irrelevant because the source of the funds won't be reflected in my day to day banking I've done over the last 3 months. Trying to explain how I've accumulated 20 years of savings seems a little excessive if you ask me. I hope they're happy with the answer: "savings over 20 years" and will unfreeze my account.
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benaj
Member of DD Central
Posts: 4,855
Likes: 1,591
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Post by benaj on Oct 26, 2020 15:52:14 GMT
Damn, I got one too. johnt, have you resolved it with RS? |
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Oct 26, 2020 16:52:48 GMT
Damn, I got one too. johnt , have you resolved it with RS? Yeah for source of funds I was pretty vague and just put, "savings over 20 years" and they replied saying thanks they'll be in touch if they need anything else and I haven't heard back. I don't think RS even froze my account at any point because I was able to make and receive withdrawals in the meantime. I suspect it's just a box ticking (compliance) exercise.
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Mar 12, 2021 9:02:35 GMT
My partner has received the same from Ratesetter and been sent a number of reminder emails. They've not invested in the platform for some time now, do you think they're OK to ignore it? Neither of us are planning on using Ratesetter again.
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adrianc
Member of DD Central
Posts: 8,948
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Post by adrianc on Mar 12, 2021 11:04:19 GMT
My partner has received the same from Ratesetter and been sent a number of reminder emails. They've not invested in the platform for some time now, do you think they're OK to ignore it? Neither of us are planning on using Ratesetter again. What's the worst that'll happen? They'll say "Thanks, but we don't want your business if you don't fill it in - so we'll return your money."
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Mar 12, 2021 11:21:55 GMT
My partner has received the same from Ratesetter and been sent a number of reminder emails. They've not invested in the platform for some time now, do you think they're OK to ignore it? Neither of us are planning on using Ratesetter again. What's the worst that'll happen? They'll say "Thanks, but we don't want your business if you don't fill it in - so we'll return your money."They returned all our money a while ago so not sure why they're still pestering us.
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