bg
Member of DD Central
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Post by bg on Mar 22, 2017 7:46:22 GMT
In these days of scanners and high quality home printers how on earth do you tell if a document is authentic ? Even worse than that, I told them that my payslip and bank account are online only and they said that a screenshot would be fine! What is the point in that? I am getting sick of this sort of stuff designed to make my life more frustrating, but of no consequence to anyone doing anything dodgy. It is ridiculous. What's more, they will likely want you to take a photocopy of the printout and get the photocopy certified by someone to say it is a copy of the printout. Bonkers - but bear in mind this is something they are being told to do.
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metoo
Member of DD Central
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Post by metoo on Mar 22, 2017 11:46:59 GMT
Even worse than that, I told them that my payslip and bank account are online only and they said that a screenshot would be fine! What is the point in that? I am getting sick of this sort of stuff designed to make my life more frustrating, but of no consequence to anyone doing anything dodgy. It is ridiculous. What's more, they will likely want you to take a photocopy of the printout and get the photocopy certified by someone to say it is a copy of the printout. Bonkers - but bear in mind this is something they are being told to do. But as I understood it until now, each organisation has to interpret the money laundering / know your customer rules and make their own policy on what they will do to satisfy the rules. Is it really the case that there are new rules coming in which will require all financial organisations to go to these same absurd lengths? Recently there has been a lot of publicity in the press about HS*C bank closing down church accounts which had been open for decades because the churches didn't manage to gather up and provide full financial evidence for the source of funds/income of every member of the congregation who made a donation. Other banks didn't get in that mess, only HS*C, presumably a policy decision made because of their run-ins with regulators over real international money laundering. I think the HS*C policy is being modified anyway following the publicity.
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bg
Member of DD Central
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Post by bg on Mar 22, 2017 12:51:40 GMT
It is ridiculous. What's more, they will likely want you to take a photocopy of the printout and get the photocopy certified by someone to say it is a copy of the printout. Bonkers - but bear in mind this is something they are being told to do. But as I understood it until now, each organisation has to interpret the money laundering / know your customer rules and make their own policy on what they will do to satisfy the rules. Is it really the case that there are new rules coming in which will require all financial organisations to go to these same absurd lengths? Recently there has been a lot of publicity in the press about HS*C bank closing down church accounts which had been open for decades because the churches didn't manage to gather up and provide full financial evidence for the source of funds/income of every member of the congregation who made a donation. Other banks didn't get in that mess, only HS*C, presumably a policy decision made because of their run-ins with regulators over real international money laundering. I think the HS*C policy is being modified anyway following the publicity. Hear what you're saying but if you have a compliance/legal department that says you must do X it's very difficult to say no we are going to do Y.
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metoo
Member of DD Central
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Post by metoo on Mar 22, 2017 13:52:46 GMT
But as I understood it until now, each organisation has to interpret the money laundering / know your customer rules and make their own policy on what they will do to satisfy the rules. Is it really the case that there are new rules coming in which will require all financial organisations to go to these same absurd lengths? Recently there has been a lot of publicity in the press about HS*C bank closing down church accounts which had been open for decades because the churches didn't manage to gather up and provide full financial evidence for the source of funds/income of every member of the congregation who made a donation. Other banks didn't get in that mess, only HS*C, presumably a policy decision made because of their run-ins with regulators over real international money laundering. I think the HS*C policy is being modified anyway following the publicity. Hear what you're saying but if you have a compliance/legal department that says you must do X it's very difficult to say no we are going to do Y. Getting full FCA authorisation is everything, with the IFISA and a reputation riding on it. If enough clients failed to comply, the compliance/legal department would probably scratch their heads and revise the requirements, or perhaps relax them in individual cases, but apparently there has to be evidence of where funds came from! How does that work for savings accumulated over a lifetime's employment that ended a couple of decades ago, compounded by so many years investing?
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acky
Posts: 481
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Post by acky on Mar 22, 2017 15:01:28 GMT
In these days of scanners and high quality home printers how on earth do you tell if a document is authentic ? Even worse than that, I told them that my payslip and bank account are online only and they said that a screenshot would be fine! What is the point in that? I am getting sick of this sort of stuff designed to make my life more frustrating, but of no consequence to anyone doing anything dodgy. ... aah, but do you have to get a person of repute to come round and certify that it is your screen?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Mar 22, 2017 15:05:03 GMT
That wouldn't be enough, in my case they refused to accept multiple documents proving my position as company secretary, resignation of my predecessor etc, etc and all those documents were lodged 12-18 months ago with Companies House - that wasn't good enough. They just don't know what they want or need.
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puffin
Member of DD Central
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Post by puffin on Apr 3, 2017 15:44:05 GMT
If I'm reading this thread correctly (not seen the letter), it seems that a pre-requisite of using FC is being a recent employee?
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Apr 3, 2017 16:41:15 GMT
No, you need to say from whence your funds came. The problem is for some is that these came from employment past.
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Post by Deleted on Apr 3, 2017 17:14:11 GMT
To be fair HSBC has always been the village idiot of global banks.  |
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Apr 3, 2017 19:01:08 GMT
To be fair HSBC has always been the village idiot of global banks. That seems unfair to me. When compared to HBOS, RBS, LLoyds, Barclays, Any Icelandic bank, Most Irish banks, Citibank, Bear Sterns, Many Dutch banks, some Spanish banks and so on, HSBC seems to have done a lot better than many over the last 10 years.
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upland
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Post by upland on Apr 4, 2017 7:24:29 GMT
To be fair HSBC has always been the village idiot of global banks. There may well be some evidence here like closing a church giving account in Hertfordshire :- www.bbc.co.uk/news/business-39050154
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adrianc
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Post by adrianc on Apr 4, 2017 7:44:15 GMT
To be fair HSBC has always been the village idiot of global banks. When did Barclays go under? I seem to have missed that, so didn't have that long-awaited major-league party to celebrate...
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Apr 4, 2017 8:17:43 GMT
To be fair HSBC has always been the village idiot of global banks. There may well be some evidence here like closing a church giving account in Hertfordshire :- www.bbc.co.uk/news/business-39050154"Church volunteers say that initially they could not understand why the information was being requested, and assumed it did not apply to them." Hard to put too much blame on HSBC when an organisation with a turnover of £1/4m behaves like that. I find these letters infuriating, I struggle to see how much benefit they are against money laundering and terrorism, but ignoring them and hoping for the best is not normally a good strategy.
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seeingred
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Post by seeingred on Apr 4, 2017 10:54:32 GMT
EMAIL just received: heaven forbid I need to do this with every P2P provider and bank and building society.....
Investor reference number:XXXXXXXXX
Dear XXXXXXXXX,
As one of our valued investors, we want to do everything we can to ensure the smooth running of your account. Due to some changes in regulations coming this year, we're getting in touch with you to ask for some extra information.
New regulations
Later this year new regulations will come into force that require us to perform additional checks on our investors. 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.
These checks are compulsory, so it's important that you send us this information. As with all the information you provide, everything you send to us will be handled securely in-line with our privacy policy and in compliance with the Data Protection Act.
What you need to do
We've made things as straightforward as possible for you. Simply follow the link below and complete the short online form. If you have already sent your form by post then you do not need to complete the online form as well.
Supporting documents
To help verify your information, we also require one copy of a piece of supporting documentation (you can find example documents we require below). Please send any documents to contactus@fundingcircle.com.
Please fill out the form and send your supporting document by 3rd May 2017.
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seeingred
Member of DD Central
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Post by seeingred on Apr 4, 2017 11:39:02 GMT
The online survey takes about 8 seconds to complete - and is completely pointless. It asks only the most basic of general questions. The whole exercise seems a box ticking non-event.
Now I need to send them one document that will do nothing whatever to explain where the money actually came from.
The email will contain your account reference and name - so is not a scam......just a waste of time. The real crooks just laugh at this sort of check.
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